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Vermont Statutes Title 11 C. Mutual Benefit Enterprises, § 1206. Winding up

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

(a) A mutual benefit enterprise continues after dissolution only for purposes of winding up its activities.

(b) In winding up a mutual benefit enterprise's activities, the board of directors shall cause the enterprise to:

(1) discharge its liabilities, settle and close its activities, and marshal and distribute its assets;

(2) preserve the enterprise or its property as a going concern for no more than a reasonable time;

(3) prosecute and defend actions and proceedings;

(4) transfer enterprise property; and

(5) perform other necessary acts.

(c) After dissolution and upon application of a mutual benefit enterprise, a member, or a holder of financial rights, the Superior Court may order judicial supervision of the winding up of the enterprise, including the appointment of a person to wind up the enterprise's activities, if:

(1) after a reasonable time, the enterprise has not wound up its activities; or

(2) the applicant establishes other good cause.

(d) If a person is appointed pursuant to subsection (c) of this section to wind up the activities of a mutual benefit enterprise, the enterprise shall promptly deliver to the Secretary of State for filing an amendment to the articles of organization to reflect the appointment.

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Cite this article: FindLaw.com - Vermont Statutes Title 11 C. Mutual Benefit Enterprises, § 1206. Winding up - last updated January 01, 2024 | https://codes.findlaw.com/vt/title-11-c-mutual-benefit-enterprises/vt-st-tit-11c-sect-1206/

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