TITLE 7

Corporations, Associations, and Partnerships

CHAPTER 7-6

Rhode Island Nonprofit Corporation Act

SECTION 7-6-52



   § 7-6-52  Plan of distribution. –

A plan providing for the distribution of assets, not inconsistent with the

provisions of this chapter, may be appointed by a corporation in the process of

dissolution and shall be adopted by a corporation for the purpose of

authorizing any transfer or conveyance of assets for which this chapter

requires a plan of distribution, in the following manner:



   (1) If there are members entitled to vote on the plan, the

board of directors shall adopt a resolution recommending a plan of distribution

and directing its submission to a vote at a meeting of members entitled to vote

on it, which may be either an annual or a special meeting. Written notice

setting forth the proposed plan of distribution or a summary of it shall be

given to each member entitled to vote at the meeting, within the time and in

the manner provided in this chapter for the giving of notice of meetings of

members. The plan of distribution shall be adopted upon receiving at least a

majority of the votes which members present at the meeting or represented by

proxy are entitled to cast.



   (2) If there are no members, or no members entitled to vote

on it, a plan of distribution shall be adopted at a meeting of the board of

directors upon receiving a vote of a majority of the directors in office.



History of Section.

(P.L. 1984, ch. 380, § 1; P.L. 1984, ch. 444, § 1.)