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Vermont Statutes Title 11 C. Mutual Benefit Enterprises, § 1102. Effect of dissociation as member

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) Upon a member's dissociation:

(1) subject to section 1103 of this title, the person has no further rights as a member; and

(2) subject to section 1103 of this title and article 16 of this title, any financial rights owned by the person in the person's capacity as a member immediately before dissociation are owned by the person as a transferee.

(b) A person's dissociation as a member does not of itself discharge the person from any debt, obligation, or liability to the mutual benefit enterprise that the person incurred under the organic rules, by contract, or by other means while a member.

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Cite this article: FindLaw.com - Vermont Statutes Title 11 C. Mutual Benefit Enterprises, § 1102. Effect of dissociation as member - last updated January 01, 2024 | https://codes.findlaw.com/vt/title-11-c-mutual-benefit-enterprises/vt-st-tit-11c-sect-1102/

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