Corporations, Associations, and Partnerships

Consumers' Cooperatives

SECTION 7-8-28

§ 7-8-28. Distribution of assets on dissolution.

Upon dissolution of an association, its assets, if any, after payment of the expenses of dissolution and the debts of the association, shall be distributed as follows:

(1) By returning to the members the par value of their shares or of their membership certificates, returning to subscribers the amounts paid on their subscriptions, and returning to those entitled to them the amounts allocated in distribution of net savings as contemplated by § 7-8-26; and

(2) By distributing any surplus as provided in the articles of association.

History of Section.
(P.L. 1947, ch. 1976, § 24; G.L. 1956, § 7-8-28.)