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The Vermont Statutes Online
Title
11
:
Corporations, Partnerships and Associations
Chapter
008
:
WORKER COOPERATIVE CORPORATIONS
§
1087. Voting shares; bylaws; amendment of articles of organization
(a) No capital
stock other than membership shares shall be given voting power in a worker
cooperative except as otherwise provided in this chapter or in the articles of
association.
(b)
Notwithstanding the provisions of section 1873 of this title and other
provisions of law relating to bylaws, the power to adopt, amend, or repeal
bylaws of a worker cooperative shall be in the members only, except to the
extent that directors are authorized by section 1873 of this title to adopt,
amend, or repeal the bylaws.
(c) Subchapter 7
of chapter 17 relating to amendments to the articles of association shall be
construed to limit voting on any amendment of the articles of association of a
worker cooperative to the members, except that amendments affecting the rights
of a class of stockholders as defined in section 1933 of this title may not be
adopted without the vote of such stockholders in accordance with that section.
(Added 1985, No. 46, § 1.)