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The Vermont Statutes Online



Title

11

:
Corporations, Partnerships and Associations






Chapter

014

:
COOPERATIVE HOUSING OWNERSHIP ACT











 

§

1591. Membership

(a) A

cooperative housing corporation shall be organized on a membership basis with

capital stock.

(b) A

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.)