{"data":{"id":"us-vt/11c-v.s.a.-1206","jurisdiction":"us-vt","citation":"11C V.S.A. § 1206","heading":"Winding up","body":"(a) A mutual benefit enterprise continues after dissolution only for purposes of winding up its activities.\n(b) In winding up a mutual benefit enterprise’s activities, the board of directors shall cause the enterprise to:\n(1) discharge its liabilities, settle and close its activities, and marshal and distribute its assets;\n(2) preserve the enterprise or its property as a going concern for no more than a reasonable time;\n(3) prosecute and defend actions and proceedings;\n(4) transfer enterprise property; and\n(5) perform other necessary acts.\n(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:\n(1) after a reasonable time, the enterprise has not wound up its activities; or\n(2) the applicant establishes other good cause.\n(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.","path":["Title 11C: Mutual Benefit Enterprises","Chapter 012: Dissolution"],"source_url":"https://legislature.vermont.gov/statutes/section/11C/012/01206","current_through":"2025 session","vintage":"","retrieved_at":"2026-09-05T16:26:27Z","sha256":"e1ba6ad7bfa5cbb835e442153d804aa847a5d18094efc92d16c6180eb1e2d4be","source_id":"us-vt","stale":false,"prev":"us-vt/11c-v.s.a.-1205","next":"us-vt/11c-v.s.a.-1207"},"notice":"GroundRules: Original legal text. Not legal advice."}