§1087. Voting shares; bylaws; amendment of articles of organization

Link to law: http://legislature.vermont.gov/statutes/section/11/008/01087
Published: 2015

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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.)
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