The Vermont Statutes Online
Banking and Insurance
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.
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.
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.)