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The Vermont Statutes Online
Title
11
:
Corporations, Partnerships and Associations
Chapter
007
:
COOPERATIVES
Subchapter
002
:
THE COOPERATIVE MARKETING ACT
§
1001. Contents of bylaws
Each association
may provide in its bylaws for any or all of the following matters:
(1) The time,
place and manner of calling and conducting its meetings;
(2) The number
of stockholders or members constituting a quorum;
(3) The number
of directors constituting a quorum;
(4) The
qualifications, compensation, duties and term of office of directors and
officers; the time of their election and the mode and manner of giving notice
thereof;
(5) Reasonable
penalties for violations of the bylaws;
(6) The amount
of entrance, organization and membership fees, if any; the manner of collecting
the same; and the purposes for which they may be used;
(7) The amount
which each member or stockholder shall be required to pay annually or from time
to time, if at all, to carry on the business of the association; the charges,
if any, to be paid by each member or stockholder for services rendered by the
association to him and the time of payment and manner of collection; and the
marketing contract between the association and its members or stockholders,
which every member or stockholder may be required to sign;
(8) The number
and qualification of members or stockholders of the association and the
conditions precedent to membership or ownership of common stock; the method,
time and manner of permitting members to withdraw or the holders of common
stock to transfer their stock; the manner of assignment and transfer of the
interest of members and of the shares of common stock; the conditions upon
which and time when a membership shall cease; the automatic suspension of the
rights of a member when he ceases to be eligible to membership; the manner and
effect of the expulsion of a member; the manner of determining the value of a
member's interest and provision for its purchase by the association upon the
death or withdrawal of a member or stockholder, or upon the expulsion of a
member or forfeiture of his or her membership, or, at the option of the
association, the purchase at a price fixed by conclusive appraisal by a board
of appraisers. But in no case shall it be provided that the value or price of
the stock shall be determined by any board on which the association shall have
any greater voice than the member or his or her representative;
(9) The basis of
voting by the members or stockholders, especially whether votes of all members
shall be equal, or in proportion to the land area leased or used by each member
for production of the products handled by the association, or in proportion to
the quantity of such products delivered by or handled for each member or
stockholder, or such other basis as may be determined. Unless otherwise
provided, no member or stockholder shall be entitled to more than one vote
regardless of the number of shares of common stock owned by him or her;
(10) In the case
of a consumer's or railroad cooperative, the method of distributing among
members or stockholders and patrons, both members and nonmembers, the net
savings derived from the excess of total income over operating expenses. Provision
may be made for the accumulation of reserve funds out of net savings.