Rhode Island General Laws 7-8-10. Contents of bylaws
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The bylaws may, in addition to the provisions permitted by § 7-1.2-203(a), except where inconsistent with this chapter, provide for:
(1) The method and terms of admission to membership and the disposal of members’ interests on cessation of membership for any reason;
(2) The method of distributing the net savings of the association.
History of Section.
P.L. 1947, ch. 1976, § 9; G.L. 1956, § 7-8-10; P.L. 1985, ch. 2, § 1; P.L. 2005, ch. 36, § 6; P.L. 2005, ch. 72, § 6.
Terms Used In Rhode Island General Laws 7-8-10
- Association: means any corporation formed under this chapter. See Rhode Island General Laws 7-8-2
- Membership: means , in the case of a share association, the status whereby a shareholder becomes entitled to all the rights, including, but not limited to, the right of voting and of receiving dividends on shares, and apportionment of net savings in cash, which accrue to him or her under the articles of association and bylaws upon the acquisition of the minimum number of shares of stock required by the articles of association for membership and upon fulfillment of the eligibility requirements of the association. See Rhode Island General Laws 7-8-2