Rhode Island § 7-8-22 § 7-8-22. Recall of shares.

Rhode Island Statutes

§ 7-8-22 — § 7-8-22. Recall of shares.

Rhode Island·Title 7 Corporations, Associations and Partnerships·Ch. 7-8 Consumersâ€™ Cooperatives

§ 7-8-22. Recall of shares.
The bylaws may give the directors the power to use the reserve funds to recall, at
            par value, the holdings of any member in excess of the amount requisite for membership.
            The bylaws may also provide that if any member has failed to patronize the association
            during a period of time specified in the bylaws, the directors may use reserve funds
            to recall all of his or her holdings, and he or she at that time ceases to be a member
            of the association.
         

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§ 7-8-22. Recall of shares.

The bylaws may give the directors the power to use the reserve funds to recall, at par value, the holdings of any member in excess of the amount requisite for membership. The bylaws may also provide that if any member has failed to patronize the association during a period of time specified in the bylaws, the directors may use reserve funds to recall all of his or her holdings, and he or she at that time ceases to be a member of the association.

Rhode Island § 7-8-22 (§ 7-8-22. Recall of shares.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.