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.)