§ 7-8-6 - Contents of articles of association. - Rhode Island Statutes

SECTION 7-8-6

   § 7-8-6  Contents of articles ofassociation. – The articles of association shall contain, in addition to the informationrequired by subdivisions 7-1.2-202(a)(1), (3) and (4), the following:

   (1) A statement that the corporation is formed as acooperative association under the provisions of this chapter.

   (2) A statement whether the association is organized with orwithout shares.

   (3) If organized with shares, the information required bysubdivision 7-1.2-202(a)(2).

   (4) The minimum number or value of shares which must be ownedin order to qualify for membership; if organized without shares, a statementwhether 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 which may beowned or controlled by any member.

   (6) The method by which any surplus, upon dissolution of theassociation, is distributed.