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 § 7-8-28

Title 7Corporations, Associations and Partnerships

Ch. 7-8Consumersâ€™ Cooperatives

This text of Rhode Island § 7-8-28 (§ 7-8-28. Distribution of assets on dissolution.) is published on Counsel Stack Legal Research, covering Rhode Island primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

R.I. Gen. Laws § 7-8-28 (2026).

Text

§ 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.