§ 7-6.2-2. Definitions.
As used in this chapter, the following words and terms have the following meaning:
(1) “Member” means a natural person who has been accepted in and owns a membership share issued by a workers’ cooperative.
(2) “Paid-in capital” means money or other property contributed by a member to a workers’ cooperative that is exclusive of any membership fee.
(3) “Patronage” means the amount of work performed as a member of a workers’ cooperative that is measured in accordance with the certificate of incorporation and bylaws.
(4) “Person” means an individual, a partnership, a corporation, an association, or two (2) or more persons having a joint or common interest.
(5) “Workers’ cooperative” means a corporation that has elected to be governed by the provisions of this chapter.
(6) “Written notice of allocation” means the amount of work performed as a member of a workers’ cooperative that is measured in accordance with the certificate of incorporation and bylaws.
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.