(a)  No certificate for share or membership capital shall be issued until its par value has been paid for in full. There shall be printed on each certificate issued by an association a full or condensed statement of the requirements of § 7-8-12, the first clause of the first sentence of § 7-8-13, and § 7-8-20 — § 7-8-24.

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Terms Used In Rhode Island General Laws 7-8-18

  • Association: means any corporation formed under this chapter. See Rhode Island General Laws 7-8-2
  • 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

(b)  Each member, upon fulfilling the requirements of § 7-8-17, and of the articles of association, and/or bylaws of the association, including approval of his or her membership by the board of directors, if required, is entitled to a certificate for the amount of his paid-up share or membership capital.

History of Section.
P.L. 1947, ch. 1976, § 17; G.L. 1956, § 7-8-18.