When a person holding office ceases to be a director, he or she shall cease to hold such office. The offices of secretary and treasurer may be held by the same person. A vacancy in the office of secretary may be filled by the board of directors, and the person so elected shall serve until his or her successor is elected. When a cooperative neglects for six months to appoint and have a clerk, it shall forfeit $50.00 to the person injured to be recovered in an action on this statute. The secretary shall record all votes and proceedings of the members and directors or executive committee thereof. He or she shall have the custody of the corporate seal and of the corporate records and shall keep such records within this State. He or she shall keep a book containing a record of the names of the members, the date of their membership and of others served by the cooperative, and of the places of residence of each, which book shall always be open to the inspection of members. f the names of the members, the date of their membership and of others served by the cooperative, and of the places of residence of each, which book shall always be open to the inspection of members. He or she shall procure and file in the office of the clerk of the town where the principal office is located and also keep on file in his or her own office certified copies of all papers required by law or by this chapter to be filed with the Secretary of State. The board of directors may also elect or appoint such other officers, agents, or employees as it deems necessary or advisable and shall prescribe their powers and duties. An officer may be removed from office and his or her successor elected in the manner prescribed by the bylaws. (Amended 1999, No. 143 (Adj. Sess.), § 14.)
Vermont Legal Code