There is a newer version
of
this Section
2018 Vermont Statutes
Title 11 - Corporations, Partnerships and Associations
Chapter 14 - Cooperative Housing Ownership Act
§ 1591 Membership
Universal Citation: 11 V.S.A. § 1591
§ 1591. Membership
(a) A cooperative housing corporation shall be organized on a membership basis with capital stock.
(b) A cooperative housing corporation shall have one class of stock and, therefore, one class of members, all of whom must be residents except as provided in subdivision 1599(1) of this title. The designation, qualifications, requirements, method of acceptance, and incidents of membership shall be set forth in the articles of association or the bylaws.
(c) No member may transfer his or her membership except as permitted in the articles of association or the bylaws.
(d) The bylaws may provide for termination of membership and the conditions and terms thereof. (Added 1987, No. 254 (Adj. Sess.), § 1, eff. June 16, 1988.)
Disclaimer: These codes may not be the most recent version. Vermont may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.
