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Current as of January 01, 2020 | Updated by FindLaw Staff
Subject to section 11.17 of this title and any contractual rights, a converting organization shall approve a plan of conversion as follows:
(1) a domestic corporation shall approve a plan of conversion in accordance with the procedures for approving a merger under section 11.10 of this title;
(2) any other organization shall approve a plan of conversion in accordance with its governing statute and its organizational documents; provided:
(A) if its organizational documents do not address the manner for approving a conversion, then a plan of conversion shall be approved by the same vote required under the organizational documents for a merger; and
(B) if its organizational documents do not provide for approval of a merger, then by the approval of the number or percentage of interest holders required to approve a merger under the governing statute.
Cite this article: FindLaw.com - Vermont Statutes Title 11 A. Vermont Business Corporations, § 11.04. Approval of conversion - last updated January 01, 2020 | https://codes.findlaw.com/vt/title-11-a-vermont-business-corporations/vt-st-tit-11a-sect-11-04/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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