Vermont § 1503 - Notice and action on disposition of assets For a mutual benefit enterprise to dispose of assets under section 1502 of this title:
Full text of Vermont Vermont Statutes Online § 1503 — Notice and action on disposition of assets For a mutual benefit enterprise to dispose of assets under section 1502 of this title:, with citation guidance and answers to common questions.
§ 1503. Notice and action on disposition of assets For a mutual benefit enterprise to dispose of assets under section 1502 of this title:
- (1) a majority of the board of directors, or a greater percentage if required by the organic
rules, shall approve the proposed disposition; and (2) the board of directors shall call a members’ meeting to consider the proposed disposition,
hold the meeting not later than 90 days after approval of the proposed disposition
by the board, and mail or otherwise transmit or deliver in a record to each member: (A) the terms of the proposed disposition; (B) a recommendation that the members approve the disposition, or if the board determines
that because of conflict of interest or other special circumstances it should not
make a favorable recommendation, the basis for that determination; (C) a statement of any condition of the board’s submission of the proposed disposition
to the members; and (D) notice of the meeting at which the proposed disposition will be considered, which
shall be given in the same manner as notice of a special meeting of members. (Added 2011, No. 84 (Adj
Source: official Vermont text · Last verified 2026-08-27
Frequently Asked Questions About Vermont § 1503
What does Vermont Statutes Online § 1503 cover?
Section 1503 ("Notice and action on disposition of assets For a mutual benefit enterprise to dispose of assets under section 1502 of this title:") 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 § 1503?
A common citation format is "Vermont Statutes Online § 1503" (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 § 1503 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.