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

SECTION 7-8-22

   § 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 formembership. The bylaws may also provide that if any member has failed topatronize the association during a period of time specified in the bylaws, thedirectors may use reserve funds to recall all of his or her holdings, and he orshe at that time ceases to be a member of the association.