2018 Vermont Statutes
Title 11 - Corporations, Partnerships and Associations
Chapter 8 - Worker Cooperative Corporations
§ 1087 Voting shares; bylaws; amendment of articles of organization
§ 1087. Voting shares; bylaws; amendment of articles of organization
(a) No capital stock other than membership shares shall be given voting power in a worker cooperative except as otherwise provided in this chapter or in the articles of association.
(b) Notwithstanding the provisions of section 1873 of this title and other provisions of law relating to bylaws, the power to adopt, amend, or repeal bylaws of a worker cooperative shall be in the members only, except to the extent that directors are authorized by section 1873 of this title to adopt, amend, or repeal the bylaws.
(c) Subchapter 7 of chapter 17 relating to amendments to the articles of association shall be construed to limit voting on any amendment of the articles of association of a worker cooperative to the members, except that amendments affecting the rights of a class of stockholders as defined in section 1933 of this title may not be adopted without the vote of such stockholders in accordance with that section. (Added 1985, No. 46, § 1.)
