Rhode Island General Laws 7-8-28. Distribution of assets on dissolution
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Upon dissolution of an association, its assets, if any, after payment of the expenses of dissolution and the debts of the association, shall be distributed as follows:
(1) By returning to the members the par value of their shares or of their membership certificates, returning to subscribers the amounts paid on their subscriptions, and returning to those entitled to them the amounts allocated in distribution of net savings as contemplated by § 7-8-26; and
(2) By distributing any surplus as provided in the articles of association.
History of Section.
P.L. 1947, ch. 1976, § 24; G.L. 1956, § 7-8-28.
Terms Used In Rhode Island General Laws 7-8-28
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Association: means any corporation formed under this chapter. See Rhode Island General Laws 7-8-2
- Membership: means , in the case of a share association, the status whereby a shareholder becomes entitled to all the rights, including, but not limited to, the right of voting and of receiving dividends on shares, and apportionment of net savings in cash, which accrue to him or her under the articles of association and bylaws upon the acquisition of the minimum number of shares of stock required by the articles of association for membership and upon fulfillment of the eligibility requirements of the association. See Rhode Island General Laws 7-8-2