Rhode Island General Laws 27-20.3-5. Examination of affairs of corporation
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It shall be the duty of the director of business regulation to make an examination of the financial condition and methods of doing business of every nonprofit prepaid legal service corporation. The examination shall be performed, and the associated costs shall be borne by the company, in accordance with all provisions of chapter 13.1 of this title.
History of Section.
P.L. 1976, ch. 179, § 1; P.L. 1994, ch. 404, § 5.
Terms Used In Rhode Island General Laws 27-20.3-5
- 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.
- Legal service: means the professional services rendered by persons duly licensed under the laws of this state to engage in the practice of law who have agreed to perform services as may be specified under any nonprofit prepaid legal service plan, and to accept payment for the services on the basis provided in the plan. See Rhode Island General Laws 27-20.3-1