§ 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.
Structure Rhode Island General Laws
Title 7 - Corporations, Associations and Partnerships
Chapter 7-8 - Consumers’ Cooperatives
Section 7-8-3. - Authorized purposes.
Section 7-8-4. - Application of general corporation law.
Section 7-8-5. - Federation and cooperation between associations.
Section 7-8-6. - Contents of articles of association.
Section 7-8-7. - Name of association.
Section 7-8-8. - Fee payable to secretary of state by nonstock corporation.
Section 7-8-9. - Amendment of articles.
Section 7-8-10. - Contents of bylaws.
Section 7-8-11. - Meetings of members.
Section 7-8-12. - Voting rights.
Section 7-8-13. - Proxy and mail votes.
Section 7-8-14. - Mail voting included in statutory provisions.
Section 7-8-15. - Apportionment of directors among units.
Section 7-8-16. - Restriction on dividends.
Section 7-8-17. - Membership of organizations — Payment of capital as prerequisite to membership.
Section 7-8-18. - Share and membership certificates.
Section 7-8-19. - Application of corporation and franchise taxes to associations without stock.
Section 7-8-20. - Association’s preemptive right to repurchase shares.
Section 7-8-21. - Transfer of holdings.
Section 7-8-22. - Recall of shares.
Section 7-8-23. - Impairment of solvency prohibited.
Section 7-8-24. - Expulsion of members.
Section 7-8-25. - Exemption of holdings from attachment.
Section 7-8-26. - Apportionment of net savings.
Section 7-8-27. - Contents of annual report.
Section 7-8-28. - Distribution of assets on dissolution.
Section 7-8-29. - Bonding of officers and employees.
Section 7-8-30. - Annual audit of books.
Section 7-8-31. - Exemption from securities law.
Section 7-8-32. - Acceptance of chapter by cooperatives formed under other law.
Section 7-8-33. - Use of word “cooperative”.