2018 Rhode Island General Laws
Title 7 - Corporations, Associations and Partnerships
Chapter 7-6.2 Workers' Cooperatives
Section 7-6.2-6 Members -Membership shares - Fees - Rights and responsibilities.
§ 7-6.2-6. Members -Membership shares - Fees - Rights and responsibilities.
(a) The certificate of incorporation or the bylaws shall establish qualifications and the method of acceptance and termination of members. Upon completion of their probationary period, all regular full-time or part-time employees shall be offered membership in the workers' cooperative. Acceptance as a member in a workers' cooperative shall be evidenced by a membership share, which shall be issued for a fee, to be paid in such terms and conditions as are provided in the bylaws.
(b) A workers' cooperative shall issue a class of voting stock designated as "membership shares". Each member shall own only one membership share, and only members may own membership shares.
(c) Membership shares shall be issued for a fee as shall be determined from time to time by the directors. No certificate for a membership share shall be issued until its fee has been paid in full. Each member is entitled to a certificate for his or her membership share upon fulfilling the requirements in the cooperative's articles of incorporation and bylaws.
(d) Members of a workers' cooperative shall have all the rights and responsibilities of stockholders of a corporation organized under the provisions of chapter 1.2 of title 7, except as otherwise provided in this chapter.
History of Section.
(P.L. 2017, ch. 370, § 1; P.L. 2017, ch. 378, § 1.)
