Corporations, Associations, and Partnerships

Workers' Cooperatives

SECTION 7-6.2-11

§ 7-6.2-11. Conversion of membership shares and internal capital accounts upon revocation of election; consolidation or merger. [Effective January 1, 2018.].

When any workers' cooperative revokes its election in accordance with § 7-6.2-5, an amendment of the certificate of incorporation shall provide for the conversion of membership shares and internal capital accounts, or their conversion to securities or other property in a manner consistent with the provisions of chapter 1.2 of title 7.

History of Section.
(P.L. 2017, ch. 370, § 1; P.L. 2017, ch. 378, § 1.)