Title 7
Corporations, Associations, and Partnerships
Chapter 1.2
Rhode Island Business Corporation Act
Part 6
Shares Issuance and Distributions
R.I. Gen. Laws § 7-1.2-605
§ 7-1.2-605. Par value per share.
Solely for the purpose of any statute or regulation imposing any tax or fee based upon the capitalization of a corporation, unless otherwise stated in the articles of incorporation, all authorized shares of a corporation organized under this chapter are deemed to have a nominal or par value of one cent ($0.01) per share. If any federal or other statute or regulation applicable to a particular corporation requires that the shares of such corporation have a par value, such shares have the par value determined by the board of directors in order to satisfy the requirements of such statute or regulation.
History of Section.
P.L. 2004, ch. 216, § 2; P.L. 2004, ch. 274, § 2.