§ 302. Formation of mutual benefit enterprise; articles of organization
(a) To form a mutual benefit enterprise, an organizer of the enterprise shall deliver articles of organization to the Secretary of State for filing. The articles shall state:
(1) the name of the enterprise;
(2) the purposes for which the enterprise is formed;
(3) the street address and, if different, mailing address of the enterprise’s initial designated office and the name of the enterprise’s initial agent for service of process at the designated office;
(4) the street address and, if different, mailing address of the initial principal office;
(5) the name and street address and, if different, mailing address of each organizer; and
(6) the term for which the enterprise is to exist if other than perpetual.
(b) Subject to subsection 113(a) of this title, articles of organization may contain any other provisions in addition to those required by subsection (a) of this section.
(c) A mutual benefit enterprise is formed after articles of organization that substantially comply with subsection (a) of this section are delivered to the Secretary of State, are filed, and become effective under subsection 203(c) of this title.
(d) If articles of organization filed by the Secretary of State provide for a delayed effective date, a mutual benefit enterprise is not formed if, before the articles take effect, an organizer signs and delivers to the Secretary of State for filing a statement of cancellation. (Added 2011, No. 84 (Adj. Sess.), § 1, eff. April 20, 2012.)
Structure Vermont Statutes