TITLE 7
Corporations, Associations, and Partnerships
CHAPTER 7-8
Consumers' Cooperatives
SECTION 7-8-28
§ 7-8-28 Distribution of assets on
dissolution.
Upon dissolution of an association, its assets, if any, after payment of the
expenses of dissolution and the debts of the association, shall be distributed
as follows:
(1) By returning to the members the par value of their shares
or of their membership certificates, returning to subscribers the amounts paid
on their subscriptions, and returning to those entitled to them the amounts
allocated in distribution of net savings as contemplated by § 7-8-26; and
(2) By distributing any surplus as provided in the articles
of association.
History of Section.
(P.L. 1947, ch. 1976, § 24; G.L. 1956, § 7-8-28.)
