State Codes and Statutes
Statutes > Rhode-island > Title-7 > Chapter-7-6 > 7-6-52SECTION 7-6-52
§ 7-6-52 Plan of distribution. – A plan providing for the distribution of assets, not inconsistent with theprovisions of this chapter, may be appointed by a corporation in the process ofdissolution and shall be adopted by a corporation for the purpose ofauthorizing any transfer or conveyance of assets for which this chapterrequires a plan of distribution, in the following manner:
(1) If there are members entitled to vote on the plan, theboard of directors shall adopt a resolution recommending a plan of distributionand directing its submission to a vote at a meeting of members entitled to voteon it, which may be either an annual or a special meeting. Written noticesetting forth the proposed plan of distribution or a summary of it shall begiven to each member entitled to vote at the meeting, within the time and inthe manner provided in this chapter for the giving of notice of meetings ofmembers. The plan of distribution shall be adopted upon receiving at least amajority of the votes which members present at the meeting or represented byproxy are entitled to cast.
(2) If there are no members, or no members entitled to voteon it, a plan of distribution shall be adopted at a meeting of the board ofdirectors upon receiving a vote of a majority of the directors in office.
