§ 3044 - Approval by members of cooperative - Vermont Statutes

§ 3044. Approval by members of cooperative

With respect to matters not subject to section 248 of this title, before a cooperative established under this chapter may in any way purchase electric capacity or energy from outside the state, for a period exceeding five years, that represents more than one percent of its historic peak demand, or invest in an electric generation or transmission facility located outside this state or begin site preparation for or construction of an electric generation facility within the state, or electric transmission facility within the state which is designed for immediate or eventual operation at any voltage or exercise the right of eminent domain in connection with site preparation for or construction of any such transmission or generation facility, except for the replacement of existing facilities with equivalent facilities in the usual course of business, that cooperative shall obtain the approval of a majority of the members of the cooperative voting upon the question at a duly warned annual or special meeting to be held for that purpose. Prior to the meeting, a cooperative may provide to the members an assessment of any risks and benefits of the proposed action. (Added 1985, No. 48, § 4.)