§ 7-1-5.2. Mutual insurance associations — Applicability of chapter.
Notwithstanding any provision of § 7-1-5 to the contrary, and without intending to limit those sections of chapter 1.2 of this title that may not be applicable to mutual associations by reason of the fact that those associations do not have shareholders, the following sections of chapter 1.2 of this title do not apply to any insurance company organized as a mutual association: § 7-1.2-601 (Right of corporation to acquire, dispose of, and cancel its own shares); § 7-1.2-602 (Authorized shares; shares in classes or series; issuance of shares); § 7-1.2-705 (Quorum of shareholders required for shareholders’ action); § 7-1.2-1201 (Rights of shareholders to dissent); § 7-1.2-1202 (Rights of dissenting shareholders); § 7-1.2-1315 (Avoidance of dissolution by share buyout); and § 7-1.2-1602(c)(2) (License fees payable by domestic corporations).
History of Section.P.L. 1999, ch. 313, § 1; P.L. 2005, ch. 36, § 2; P.L. 2005, ch. 72, § 2.
Structure Rhode Island General Laws
Title 7 - Corporations, Associations and Partnerships
Chapter 7-1 - Corporations — General Provisions
Section 7-1-1 - — 7-1-4. [Repealed.]
Section 7-1-5. - Corporations organized for the business of insurance.
Section 7-1-5.1. - [Repealed.]
Section 7-1-5.2. - Mutual insurance associations — Applicability of chapter.
Section 7-1-6. - Time allowed for organization of corporations created by legislative act.
Section 7-1-7. - Fees payable by corporations created by legislative act.
Section 7-1-7.1. - Filings to be originals.
Section 7-1-8 - — 7-1-12. [Repealed.]
Section 7-1-13. - Legislative control of future charters.
Section 7-1-14. - Continuation for special purposes of statutes otherwise repealed.
Section 7-1-15, 7-1-16. - [Repealed.]
Section 7-1-17. - Receipt of property for charitable purposes in excess of authorized holdings.
Section 7-1-18 - — 7-1-20. [Repealed.]
Section 7-1-21. - Agreements as to disposition of stock or insurance on death of stockholder.