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Section 7-5.3-5 Termination of benefit corporation status.

RI Gen L § 7-5.3-5 (2019) (N/A)
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§ 7-5.3-5. Termination of benefit corporation status. (a) A benefit corporation may terminate its status as such and cease to be subject to this chapter by amending its articles of incorporation to delete the provision required by § 7-5.3-3 or § 7-5.3-4 to be stated in the articles of a benefit corporation. In order to be effective, the amendment must be adopted by at least the minimum status vote.

(b) If a merger or conversion would have the effect of terminating the status of a business corporation as a benefit corporation, the merger or conversion must be adopted by at least the minimum status vote in order to be effective. Any sale, lease, exchange, or other disposition of all or substantially all of the assets of a benefit corporation, unless the transaction is in the usual and regular course of business, shall not be effective unless the transaction is approved by at least the minimum status vote.

History of Section. (P.L. 2013, ch. 487, § 1; P.L. 2013, ch. 500, § 1.)

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