§ 303.
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/vt/303A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§ 303. Organization of mutual benefit enterprise
(a)After a mutual benefit enterprise is formed:
(1)if initial directors are named in the articles of organization, the initial directors shall hold an organizational meeting to adopt initial bylaws and carry on any other business necessary or proper to complete the organization of the enterprise; or
(2)if initial directors are not named in the articles of organization, the organizers shall designate the initial directors and call a meeting of the initial directors to adopt initial bylaws and carry on any other business necessary or proper to complete the organization of the enterprise.
(b)Unless the articles of organization otherwise provide, the initial directors may cause the mutual benefit enterprise to accept members, including those necessary for the enterprise to begin business.
(c)Initial directors need not be members.
(d)An initial director serves until a successor is elected and qualified at a members’ meeting or the director is removed, resigns, is adjudged incompetent, or dies. (Added 2011, No. 84 (Adj. Sess.), § 1, eff. April 20, 2012.)