Terms Used In Rhode Island General Laws > Chapter 7-1.2 > Part 17 - Close Corporations

• 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.
• Articles of incorporation: means the original or restated articles of incorporation and all of their amendments including agreements of merger. See Rhode Island General Laws 7-1.2-106
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Individual: means a natural person. See Rhode Island General Laws 7-1.2-106
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Shareholder: means one who is a holder of record of shares in a corporation. See Rhode Island General Laws 7-1.2-106
• Shares: means the units into which the proprietary interests in a corporation are divided. See Rhode Island General Laws 7-1.2-106
• State: means the state of Rhode Island. See Rhode Island General Laws 7-1.2-106