Effect of dissociation as member (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. (Added 2011, No. 84 (Adj. Sess.), § 1, eff. April 20, 2012.)
Vermont Legal Code