Print

The Vermont Statutes Online



Title

08

:
Banking and Insurance






Chapter

121

:
FRATERNAL BENEFIT SOCIETIES











 

§

4471. Articles of incorporation, constitution, and laws; amendments

(a) A domestic

society may amend its articles of incorporation, constitution, or laws in

accordance with the provisions thereof by action of its supreme legislative or

governing body at any regular or special meeting thereof or, if its articles of

incorporation, constitution, or laws so provide, by referendum. The referendum

may be held in accordance with the provisions of its articles of incorporation,

constitution, or laws by the vote of the voting members of the society, by the

vote of delegates or representatives of voting members, or by the vote of local

lodges or branches. No amendment submitted for adoption by referendum may be

adopted unless, within six months from the date of submission thereof, a

majority of all of the voting members of the society shall have signified their

consent to the amendment by one of the methods herein specified.

(b) No amendment

to the articles of incorporation, constitution, or laws of any domestic society

may take effect unless approved by the Commissioner of Financial Regulation who

shall approve the amendment if he or she finds that it has been duly adopted

and is not inconsistent with any requirement of the laws of this State or with

the character, objects, and purposes of the society. Unless the Commissioner of

Financial Regulation disapproves an amendment within 60 days after the filing

of it, the amendment shall be considered approved. The approval or disapproval

of the Commissioner of Financial Regulation shall be in writing and mailed to

the secretary or corresponding officer of the society at its principal office.

If he or she disapproves the amendment, the reasons therefor shall be stated in

the written notice.

(c) Within 90

days from the approval thereof by the Commissioner of Financial Regulation, all

amendments, or a synopsis thereof, shall be furnished to all members of the

society either by mail or by publication in full in the official organ of the

society. The affidavit of any officer of the society or of anyone authorized by

it to mail any amendments or synopsis thereof, stating facts which show that

they have been duly addressed and mailed, shall be prima facie evidence that

the amendments or synopsis thereof, have been furnished the addressee.

(d) Every

foreign or alien society authorized to do business in this State shall file

with the Commissioner of Financial Regulation a duly certified copy of all

amendments of, or additions to, its articles of incorporation, constitution, or

laws within 90 days after the enactment of same.

(e) Printed

copies of the constitution or laws as amended, certified by the secretary or

corresponding officer of the society, shall be prima facie evidence of the

legal adoption thereof. (Added 1959, No. 197, § 11, eff. Nov. 22, 1959; amended

1989, No. 225 (Adj. Sess.), § 25; 1995, No. 180 (Adj. Sess.), § 38; 2011, No.

78 (Adj. Sess.), § 2, eff. April 2, 2012.)