Rhode Island General Laws 7-8-17. Membership of organizations – Payment of capital as prerequisite to membership
Current as of: 2024 | Check for updates
|
Other versions
No corporation or organization or group of any kind shall be eligible to membership in an association unless it is organized on a cooperative or nonprofit basis, and no person, association, or organization or group of any kind shall be deemed a member of an association until the association has received payment in full for the par value of the minimum amount of share or membership capital stated in the articles as necessary to qualify for membership.
History of Section.
P.L. 1947, ch. 1976, § 16; G.L. 1956, § 7-8-17; P.L. 2018, ch. 346, § 9.
Terms Used In Rhode Island General Laws 7-8-17
- Association: means any corporation formed under this chapter. See Rhode Island General Laws 7-8-2
- 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.
- Member: means not only a member in a nonshare association but also a member in a share association. 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
- person: may be construed to extend to and include co-partnerships and bodies corporate and politic. See Rhode Island General Laws 43-3-6