Corporations, Associations, and Partnerships

Consumers' Cooperatives

SECTION 7-8-20

§ 7-8-20. Association's preemptive right to repurchase shares.

If any holder of shares desires to dispose of any or all of his or her holdings in the association, he or she shall offer the holdings to the association, and the directors have the power to purchase, within ninety (90) days of the offer, the holdings by paying the member the par value of any or all of the holdings offered.

History of Section.
(P.L. 1947, ch. 1976, § 18; G.L. 1956, § 7-8-20.)