§ 401. Authority to amend organic rules
(a) A mutual benefit enterprise may amend its organic rules under this article for any lawful purpose. In addition, the initial board of directors may amend the bylaws of an enterprise under section 304 of this title.
(b) Unless the organic rules otherwise provide, a member does not have a vested property right resulting from any provision in the organic rules, including a provision relating to the management, control, capital structure, distribution, entitlement, purpose, or duration of the mutual benefit enterprise. (Added 2011, No. 84 (Adj. Sess.), § 1, eff. April 20, 2012.)
Structure Vermont Statutes
Title 11C - Mutual Benefit Enterprises
Chapter 4 - Amendment of Organic Rules of Mutual Benefit Enterprise
§ 401. Authority to amend organic rules
§ 402. Notice and action on amendment of organic rules
§ 403. Method of voting on amendment of organic rules
§ 404. Voting by district, class, or voting group
§ 406. Restated articles of organization
§ 407. Amendment or restatement of articles of organization; filing