The Vermont Statutes Online
Corporations, Partnerships and Associations
COOPERATIVE HOUSING OWNERSHIP ACT
cooperative housing corporation shall be organized on a membership basis with
cooperative housing corporation shall have one class of stock and, therefore,
one class of members, all of whom must be residents except as provided in
subdivision 1599(1) of this title. The designation, qualifications,
requirements, method of acceptance, and incidents of membership shall be set
forth in the articles of association or the bylaws.
(c) No member
may transfer his or her membership except as permitted in the articles of
association or the bylaws.
(d) The bylaws
may provide for termination of membership and the conditions and terms thereof.
(Added 1987, No. 254 (Adj. Sess.), § 1, eff. June 16, 1988.)