Appointment and authority of officers (a) A mutual benefit enterprise has the officers:(1) provided in the organic rules; or(2) established by the board of directors in a manner not inconsistent with the organic rules. (b) The organic rules may designate or, if the rules do not designate, the board of directors shall designate one of the enterprise’s officers for preparing all records required by section 114 of this title and for the authentication of records. (c) Unless the organic rules otherwise provide, the board of directors shall appoint the officers of the mutual benefit enterprise. (d) Officers of a mutual benefit enterprise shall perform the duties the organic rules prescribe or as authorized by the board of directors not in a manner inconsistent with the organic rules. (e) The election or appointment of an officer of a mutual benefit enterprise does not of itself create a contract between the enterprise and the officer. (f) Unless the organic rules otherwise provide, an individual may simultaneously hold more than one office in a mutual benefit enterprise. (Added 2011, No. 84 (Adj. Sess.), § 1, eff. April 20, 2012.)
Vermont Legal Code