Corporations, Associations, and Partnerships

Consumers' Cooperatives

SECTION 7-8-22

§ 7-8-22. Recall of shares.

The bylaws may give the directors the power to use the reserve funds to recall, at par value, the holdings of any member in excess of the amount requisite for membership. The bylaws may also provide that if any member has failed to patronize the association during a period of time specified in the bylaws, the directors may use reserve funds to recall all of his or her holdings, and he or she at that time ceases to be a member of the association.

History of Section.
(P.L. 1947, ch. 1976, § 19; G.L. 1956, § 7-8-22.)