Corporations, Associations, and Partnerships

Consumers' Cooperatives

SECTION 7-8-18

§ 7-8-18. Share and membership certificates.

(a) No certificate for share or membership capital shall be issued until its par value has been paid for in full. There shall be printed on each certificate issued by an association a full or condensed statement of the requirements of § 7-8-12, the first clause of the first sentence of § 7-8-13, and §§ 7-8-20 – 7-8-24.

(b) Each member, upon fulfilling the requirements of § 7-8-17, and of the articles of association, and/or bylaws of the association, including approval of his or her membership by the board of directors, if required, is entitled to a certificate for the amount of his paid-up share or membership capital.

History of Section.
(P.L. 1947, ch. 1976, § 17; G.L. 1956, § 7-8-18.)