§ 7-8-9 - Amendment of articles. - Rhode Island Statutes

SECTION 7-8-9

   § 7-8-9  Amendment of articles. – (a) The articles of association may be amended, as provided in chapter 1.2, byan affirmative vote of two-thirds ( 2/3) of the members voting at a meetingduly called for the purpose. If the amendment is to alter the preferences ofoutstanding shares of any type, or to authorize the issuance of shares havingpreferences superior to outstanding shares of any type, the affirmative vote oftwo-thirds ( 2/3) of the members owning the outstanding shares affected by thechange is also required for the adoption of the amendment. If the amendment isto alter the rule by which members' property rights in a nonshare associationare determined, a vote of two-thirds ( 2/3) of the entire membership isrequired.

   (b) Notice of any meeting to consider amendments to thearticles of association must be sent at least three (3) weeks in advance of themeeting to each member at his or her last known address, accompanied by thefull text of the proposal and the part of the articles to be amended.

   (c) There shall be paid to the secretary of state upon thefiling and certification of the articles of amendment a fee of five dollars($5.00).