Corporations, Associations, and Partnerships

Consumers' Cooperatives

SECTION 7-8-17

§ 7-8-17. Membership of organizations – Payment of capital as prerequisite to membership.

No corporation or organization or group of any kind is eligible to membership in an association unless it is organized on a cooperative or nonprofit basis, and no person, association, or organization or group of any kind is deemed a member of an association until the association has received payment in full for the par value of the minimum amount of share or membership capital stated in the articles as necessary to qualify for membership.

History of Section.
(P.L. 1947, ch. 1976, § 16; G.L. 1956, § 7-8-17.)