§ 7-1.2-605. Par value per share.
Solely for the purpose of any statute or regulation imposing any tax or fee based upon the capitalization of a corporation, unless otherwise stated in the articles of incorporation, all authorized shares of a corporation organized under this chapter are deemed to have a nominal or par value of one cent ($0.01) per share. If any federal or other statute or regulation applicable to a particular corporation requires that the shares of such corporation have a par value, such shares have the par value determined by the board of directors in order to satisfy the requirements of such statute or regulation.
History of Section.P.L. 2004, ch. 216, § 2; P.L. 2004, ch. 274, § 2.
Structure Rhode Island General Laws
Title 7 - Corporations, Associations and Partnerships
Chapter 7-1.2 - Rhode Island Business Corporation Act
Part 6 - Shares Issuance and Distributions
Section 7-1.2-601. - Right of corporation to acquire, dispose of and cancel its own shares.
Section 7-1.2-602. - Authorized shares — Shares in classes or series — Issuance of shares.
Section 7-1.2-603. - Subscription for shares.
Section 7-1.2-604. - Issuance of and consideration for shares.
Section 7-1.2-605. - Par value per share.
Section 7-1.2-606. - Share rights and options.
Section 7-1.2-607. - Expenses of organization, reorganization and financing.
Section 7-1.2-608. - Form and content of certificates.
Section 7-1.2-609. - Share transfer and ownership restrictions.
Section 7-1.2-610. - Fractional shares.
Section 7-1.2-611. - Bonds — Facsimile signatures and seals.
Section 7-1.2-612. - Liability of subscribers and shareholders.