Rhode Island § 7-8-28 § 7-8-28. Distribution of assets on dissolution.

Rhode Island Statutes

§ 7-8-28 — § 7-8-28. Distribution of assets on dissolution.

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

§ 7-8-28. Distribution of assets on dissolution.
Upon dissolution of an association, its assets, if any, after payment of the expenses
            of dissolution and the debts of the association, shall be distributed as follows:
         
(1) By returning to the members the par value of their shares or of their membership certificates,
            returning to subscribers the amounts paid on their subscriptions, and returning to
            those entitled to them the amounts allocated in distribution of net savings as contemplated
            by § 7-8-26; and
         
(2) By distributing any surplus as provided in the articles of association.

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§ 7-8-28. Distribution of assets on dissolution.

Upon dissolution of an association, its assets, if any, after payment of the expenses of dissolution and the debts of the association, shall be distributed as follows:

(1) By returning to the members the par value of their shares or of their membership certificates, returning to subscribers the amounts paid on their subscriptions, and returning to those entitled to them the amounts allocated in distribution of net savings as contemplated by § 7-8-26; and

(2) By distributing any surplus as provided in the articles of association.

Rhode Island § 7-8-28 (§ 7-8-28. Distribution of assets on dissolution.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.