(a)  The articles of association may be amended, as provided in chapter 1.2 of this title, by an affirmative vote of two-thirds (?) of the members voting at a meeting duly called for the purpose. If the amendment is to alter the preferences of outstanding shares of any type, or to authorize the issuance of shares having preferences superior to outstanding shares of any type, the affirmative vote of two-thirds (?) of the members owning the outstanding shares affected by the change is also required for the adoption of the amendment. If the amendment is to alter the rule by which members’ property rights in a nonshare association are determined, a vote of two-thirds (?) of the entire membership is required.

Terms Used In Rhode Island General Laws 7-8-9

  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • Association: means any corporation formed under this chapter. See Rhode Island General Laws 7-8-2
  • Member: means not only a member in a nonshare association but also a member in a share association. 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

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

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

History of Section.
P.L. 1947, ch. 1976, § 9; G.L. 1956, § 7-8-10; P.L. 1971, ch. 163, § 2; P.L. 2005, ch. 36, § 6; P.L. 2005, ch. 72, § 6; P.L. 2018, ch. 346, § 9.