Rhode Island General Laws 7-8-6. Contents of articles of association
The articles of association shall contain, in addition to the information required by §§ 7-1.2-202(a)(1), 7-1.2-202(a)(3) and 7-1.2-202(a)(4), the following:
(1) A statement that the corporation is formed as a cooperative association under the provisions of this chapter;
(2) A statement whether the association is organized with or without shares;
(3) If organized with shares, the information required by § 7-1.2-202(a)(2);
(4) The minimum number or value of shares that must be owned in order to qualify for membership; if organized without shares, a statement whether the property rights of members are equal or unequal, and if unequal, the rule by which their rights are determined;
(5) The maximum amount or percentage of capital that may be owned or controlled by any member;
(6) The method by which any surplus, upon dissolution of the association, is distributed.
History of Section.
P.L. 1947, ch. 1976, § 6; G.L. 1956, § 7-8-6; 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 7-8-6
- 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