Vermont § 2-121 - Merger or consolidation of common interest communities

§ 2-121. Merger or consolidation of common interest communities

• (a) Any two or more common interest communities with the same form of ownership, by agreement
  of the unit owners as provided in subsection (b) of this section, may be merged or
  consolidated into a single common interest community by agreement of the unit owners.
  In the event of a merger or consolidation, unless the agreement otherwise provides,
  the resultant common interest community is the successor, for all purposes, of all
  the preexisting common interest communities, and the operations and activities of
  all associations of the preexisting common interest communities are merged or consolidated
  into a single association that holds the powers, rights, obligations, assets, and
  liabilities of the preexisting associations. (b) An agreement of two or more common interest communities to merge or consolidate pursuant
  to subsection (a) of this section shall be evidenced by an agreement prepared, executed,
  recorded, and certified by the president of the association of each of the preexisting
  common interest communities following approval by owners of units to which are allocated
  the percentage of votes in each common interest community required to terminate that
  common interest community. The agreement shall not be effective until it is recorded
  in all municipalities in which the common interest community is located. (c) Every merger or consolidation agreement shall provide for the reallocation of the
  allocated interests in the new association among the units of the resultant common
  interest community either: (1) by stating the reallocations or the formulas upon which they are based; or (2) by stating the percentage of overall allocated interests of the new common interest
  community that are allocated to all of the units comprising each of the preexisting
  common interest communities and providing that the portion of the percentages allocated
  to each unit formerly comprising a part of a preexisting common interest community
  must be equal to the percentages of allocated interests allocated to that unit by
  the declaration of the preexisting common interest community. (Added 1997, No. 104 (Adj. Sess.), § 3, eff. Jan. 1, 1999.)