No corporation or organization or group of any kind shall be eligible to membership in an association unless it is organized on a cooperative or nonprofit basis, and no person, association, or organization or group of any kind shall be deemed a member of an association until the association has received payment in full for the par value of the minimum amount of share or membership capital stated in the articles as necessary to qualify for membership.
R.I. Gen. Laws § 7-8-17
Membership of organizations — Payment of capital as prerequisite to membership
Known as the Consumer Cooperative Association Law
The act spans §§ 7–7 (35 sections).
P.L. 1947, ch. 1976, § 16; G.L. 1956, § 7-8-17; P.L. 2018, ch. 346, § 9.
Official source: Rhode Island General Assembly. Reproduced from public-domain Rhode Island statutes; confirm against the official source for the current text. Not legal advice.