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Section 7-6.2-11 Conversion of membership shares and internal capital accounts upon revocation of election; consolidation or merger.

RI Gen L § 7-6.2-11 (2019) (N/A)
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§ 7-6.2-11. Conversion of membership shares and internal capital accounts upon revocation of election; consolidation or merger. When any workers' cooperative revokes its election in accordance with § 7-6.2-5, an amendment of the certificate of incorporation shall provide for the conversion of membership shares and internal capital accounts, or their conversion to securities or other property in a manner consistent with the provisions of chapter 1.2 of title 7.

History of Section. (P.L. 2017, ch. 370, § 1; P.L. 2017, ch. 378, § 1.)

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Section 7-6.2-10 Internal capital accounts - Recall or redemption of shares - Interest - Collective reserve account.
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