Rhode Island General Laws Title 7. Corporations, Associations, and Partnerships § 7-8-2. Definitions

(1) “Association” means any corporation formed under this chapter.

(2) “Capital”, in the case of an association formed without capital stock, means the aggregate amount of consideration for which the total number of memberships in the association were issued.

(3) “Cooperative basis”, as applied to any incorporated or unincorporated group referred to in these provisions, means that:

(4) “Member” means not only a member in a nonshare association but also a member in a share association.

(5) “Membership” means, in the case of a share association, the status whereby a shareholder becomes entitled to all the rights, including, but not limited to, the right of voting and of receiving dividends on shares, and apportionment of net savings in cash, which accrue to him or her under the articles of association and bylaws upon the acquisition of the minimum number of shares of stock required by the articles of association for membership and upon fulfillment of the eligibility requirements of the association.

(6) “Par value”, in the case of membership in an association formed without shares, means the consideration, in terms of money, for which the membership was issued.