Vermont § 304 - Bylaws
Full text of Vermont Vermont Statutes Online § 304 — Bylaws, with citation guidance and answers to common questions.
§ 304. Bylaws
- (a) Bylaws shall be in a record and, if not stated in the articles of organization, shall
include: (1) a statement of the capital structure of the mutual benefit enterprise, including: (A) the classes or other types of members’ interests and relative rights, preferences,
and restrictions granted to or imposed upon each class or other type of member’s interest;
and (B) the rights to share in profits or distributions of the enterprise; (2) a statement of the method for admission of members; (3) a statement designating voting and other governance rights, including which members
have voting power and any restriction on voting power; (4) a statement that a member’s interest is transferable if it is to be transferable and
a statement of the conditions upon which it may be transferred; (5) a statement concerning the manner in which profits and losses are allocated and distributions
are made among patron members and, if investor members are authorized, the manner
in which profits and losses are allocated and how distributions are made among investor
members and between patron members and investor members; (6) a statement concerning: (A) whether persons who are not members but who conduct business with the enterprise may
be permitted to share in allocations of profits and losses and receive distributions;
and (B) the manner in which profits and losses are allocated and distributions are made with
respect to those persons; and (7) a statement of the number and terms of directors or the method by which the number
and terms are determined. (b) Subject to subsection 113(c) of this title and the articles of organization, bylaws may contain any other provision for managing
and regulating the affairs of the enterprise. (c) In addition to amendments permitted under article 4 of this title, the initial board
of directors may amend the bylaws by a majority vote of the directors at any time
before the admission of members. (Added 2011, No. 84 (Adj. Sess.), § 1, eff. April 20, 2012.)
Frequently Asked Questions About Vermont § 304
What does Vermont Statutes Online § 304 cover?
Section 304 ("Bylaws") 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 § 304?
A common citation format is "Vermont Statutes Online § 304" (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 § 304 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.