§ 7-6.2-11. Conversion of membership shares and internal capital accounts upon revocation of election; consolidation or merger.
When any workers’ cooperative revokes its election in accordance with § 7-6.2-5, an amendment of the certificate of incorporation shall provide for the conversion of membership shares and internal capital accounts, or their conversion to securities or other property in a manner consistent with the provisions of chapter 1.2 of title 7.
History of Section.P.L. 2017, ch. 370, § 1; P.L. 2017, ch. 378, § 1.
Structure Rhode Island General Laws
Title 7 - Corporations, Associations and Partnerships
Chapter 7-6.2 - Workers’ Cooperatives
Section 7-6.2-1. - Legislative purpose.
Section 7-6.2-2. - Definitions.
Section 7-6.2-5. - Revocation of election.
Section 7-6.2-6. - Members — Membership shares — Fees — Rights and responsibilities.
Section 7-6.2-7. - Voting shares — Bylaws — Amendment of certificate of incorporation.
Section 7-6.2-8. - Net earnings or losses — Apportionment, distribution, and payment.