§ 807.
203 words·~1 min read·
/vt/807A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§ 807. Removal of director
Unless the organic rules otherwise provide, the following rules apply:
(1)Members may remove a director with or without cause.
(2)A member or members holding at least 10 percent of the total voting power entitled to be voted in the election of a director may demand removal of the director by one or more signed petitions submitted to the officer of the mutual benefit enterprise charged with keeping its records.
(3)Upon receipt of a petition for removal of a director, an officer of the enterprise or the board of directors shall:
(A)call a special meeting of members to be held not later than 90 days after receipt of the petition by the enterprise; and
(B)mail or otherwise transmit or deliver in a record to the members entitled to vote on the removal and to the director to be removed notice of the meeting which complies with section 508 of this title.
(4)A director is removed if the votes in favor of removal are equal to or greater than the votes required to elect the director at the time of the vote. (Added 2011, No. 84 (Adj. Sess.), § 1, eff. April 20, 2012.)