Articles of organization.
R.I. Gen. Laws § 7-6.1-6
in effect7-6.1-6. Articles of organization.
Three (3) or more persons who are residents of the state may organize a cooperative
housing corporation by filing articles of organization with the secretary of the state.
The articles must meet the requirements of chapter 1.2 of this title and shall additionally
state:
(1) Whether transfer of its stock is restricted;
(2) Whether or not it is authorized to pay dividends on its stock, but no cooperative
corporation may pay a dividend of more than ten percent (10%), noncumulative, upon
its stock;
(3) Whether the transfer value of its stock is restricted;
(4) Whether it is organized as a business or non-business cooperative housing corporation.
P.L. 1986, ch. 256, § 1; P.L. 2005, ch. 36, § 5; P.L. 2005, ch. 72, § 5.
Source: State of Rhode Island General Assembly (rilegislature.gov)URL: https://webserver.rilegislature.gov/Statutes/TITLE7/7-6.1/7-6.1-6.htmFetched: 10/20/2026