§ 47-22-1 — Definitions.

As used in chapters 47-22 to 47-28 , inclusive, unless the context otherwise requires, the term: (1) "Articles of incorporation" means the original or restated articles of incorporation or articles of consolidation and all amendments thereto including articles of merger. (2) "Board of directors" means the group of persons vested with the management of the affairs of the corporation irrespective of the name by which such group is designated. (3) "Bylaws" means the code or codes of rules adopted for the regulation or management of the affairs of the corporation irrespective of the name or names by which such rules are designated. (4) "Corporation" or "domestic corporation" means a nonprofit corporation subject to the provisions of chapters 47-22 to 47-28 , inclusive, except a foreign corporation. (5) "Foreign corporation" means a nonprofit corporation organized under laws other than the laws of this state. (6) "Insolvent" means inability of a corporation to pay its debts as they become due in the usual course of its affairs. (7) "Member" means one having membership rights in a corporation in accordance with the provisions of its articles of incorporation or bylaws and may include municipal corporations of this state or other states; (8) "Nonprofit corporation" means a corporation no part of the income or profit of which is distributable to its members, directors or officers.

Legislative History

SL 1965, ch 24, § 2; SL 2001, ch 247, § 1.