§ 7-6.2-1 Legislative purpose
§ 7-6.2-2 Definitions
§ 7-6.2-3 Corporations organized under general corporation law; election to be governed as workers’ cooperative
§ 7-6.2-4 Application of general corporation law – Business corporation tax – Other taxes and programs
§ 7-6.2-5 Revocation of election
§ 7-6.2-6 Members – Membership shares – Fees – Rights and responsibilities
§ 7-6.2-7 Voting shares – Bylaws – Amendment of certificate of incorporation
§ 7-6.2-8 Net earnings or losses – Apportionment, distribution, and payment
§ 7-6.2-9 Directors; officers
§ 7-6.2-10 Internal capital accounts – Recall or redemption of shares – Interest – Collective reserve account
§ 7-6.2-11 Conversion of membership shares and internal capital accounts upon revocation of election; consolidation or merger
§ 7-6.2-12 Severability
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Terms Used In Rhode Island General Laws > Chapter 7-6.2 - Workers' Cooperatives

  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Member: means a natural person who has been accepted in and owns a membership share issued by a workers' cooperative. See Rhode Island General Laws 7-6.2-2
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • Patronage: means the amount of work performed as a member of a workers' cooperative that is measured in accordance with the certificate of incorporation and bylaws. See Rhode Island General Laws 7-6.2-2
  • Person: means an individual, a partnership, a corporation, an association, or two (2) or more persons having a joint or common interest. See Rhode Island General Laws 7-6.2-2
  • Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.