If any holder of shares desires to dispose of any or all of his or her holdings in the association, he or she shall offer the holdings to the association, and the directors have the power to purchase, within ninety (90) days of the offer, the holdings by paying the member the par value of any or all of the holdings offered.
R.I. Gen. Laws § 7-8-20
Association’s preemptive right to repurchase shares
Known as the Consumer Cooperative Association Law
The act spans §§ 7–7 (35 sections).
P.L. 1947, ch. 1976, § 18; G.L. 1956, § 7-8-20.
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.