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Section 7-6.2-2 Definitions.

RI Gen L § 7-6.2-2 (2019) (N/A)
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§ 7-6.2-2. Definitions. As used in this chapter, the following words and terms have the following meaning:

(1) "Member" means a natural person who has been accepted in and owns a membership share issued by a workers' cooperative.

(2) "Paid-in capital" means money or other property contributed by a member to a workers' cooperative that is exclusive of any membership fee.

(3) "Patronage" means the amount of work performed as a member of a workers' cooperative that is measured in accordance with the certificate of incorporation and bylaws.

(4) "Person" means an individual, a partnership, a corporation, an association, or two (2) or more persons having a joint or common interest.

(5) "Workers' cooperative" means a corporation that has elected to be governed by the provisions of this chapter.

(6) "Written notice of allocation" means the amount of work performed as a member of a workers' cooperative that is measured in accordance with the certificate of incorporation and bylaws.

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

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Section 7-6.2-3 Corporations organized under general corporation law; election to be governed as workers' cooperative.