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The Vermont Statutes Online



Title

08

:
Banking and Insurance






Chapter

121

:
FRATERNAL BENEFIT SOCIETIES











 

§

4463. Representative form of government defined

A society shall

be deemed to have a representative form of government when:

(1) it provides

in its constitution or laws for a supreme legislative or governing body,

composed of representatives elected either by the members or by delegates

elected directly or indirectly by the members, together with such other members

of the body as may be prescribed by the society's constitution and laws;

(2) the

representatives elected constitute a majority in number and have not less than

two-thirds of the votes nor less than the votes required to amend its

constitution and laws;

(3) the meetings

of the supreme legislative or governing body and the election of officers,

representatives or delegates are held as often as once in four calendar years;

(4) each insured

member is eligible for election to act or serve as a delegate to the meeting;

(5) the society

has a board of directors charged with the responsibility for managing its

affairs in the interim between meetings of its supreme legislative or governing

body, subject to control by the body and having powers and duties delegated to

it in the constitution or laws of the society;

(6) the board of

directors is elected by the supreme legislative or governing body, except in

case of filling a vacancy in the interim between meetings of the body;

(7) the officers

are elected either by the supreme legislative or governing body or by the board

of directors; and

(8) the members,

officers, representatives, or delegates may not vote by proxy. (1959, No. 197, §

3, eff. Nov. 22, 1959.)