Vermont § 1206 - Winding up
Full text of Vermont Vermont Statutes Online § 1206 — Winding up, with citation guidance and answers to common questions.
§ 1206. Winding up
- (a) A mutual benefit enterprise continues after dissolution only for purposes of winding
up its activities. (b) In winding up a mutual benefit enterprise’s activities, the board of directors shall
cause the enterprise to: (1) discharge its liabilities, settle and close its activities, and marshal and distribute
its assets; (2) preserve the enterprise or its property as a going concern for no more than a reasonable
time; (3) prosecute and defend actions and proceedings; (4) transfer enterprise property; and (5) perform other necessary acts. (c) After dissolution and upon application of a mutual benefit enterprise, a member, or
a holder of financial rights, the Superior Court may order judicial supervision of
the winding up of the enterprise, including the appointment of a person to wind up
the enterprise’s activities, if: (1) after a reasonable time, the enterprise has not wound up its activities; or (2) the applicant establishes other good cause. (d) If a person is appointed pursuant to subsection (c) of this section to wind up the
activities of a mutual benefit enterprise, the enterprise shall promptly deliver to
the Secretary of State for filing an amendment to the articles of organization to
reflect the appointment. (Added 2011, No. 84 (Adj. Sess.), § 1, eff. April 20, 2012.)
Frequently Asked Questions About Vermont § 1206
What does Vermont Statutes Online § 1206 cover?
Section 1206 ("Winding up") is part of the Vermont Statutes Online, the codified statutory law of Vermont. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Vermont § 1206?
A common citation format is "Vermont Statutes Online § 1206" (Vermont). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Vermont law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Vermont official source linked on this page or consult a licensed Vermont attorney.
How does Vermont § 1206 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Vermont can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Vermont.