§ 7-8-6 — § 7-8-6. Contents of articles of association.

§ 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.

Legislative History

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.