Section 7-16-73. – Construction with other laws.
§ 7-16-73. Construction with other laws. (a) Unless the provisions of this chapter or the context indicate otherwise, each reference in the general laws to a “person” is deemed to include a limited-liability company, and each reference to a “corporation”, except for references in the Rhode Island Business and Nonprofit Corporation Acts, and except with […]
Section 7-16-74. – Forms to be furnished by secretary of state.
§ 7-16-74. Forms to be furnished by secretary of state. All documents required by this chapter to be filed in the office of the secretary of state shall be made on forms that shall be prescribed by the secretary of state. Forms for all documents to be filed in the office of the secretary of […]
Section 7-16-75. – Reservation of power.
§ 7-16-75. Reservation of power. The general assembly shall at all times have power to prescribe any regulations, provisions and limitations that it deems advisable, which regulations, provisions and limitations are binding on any limited-liability companies subject to the provisions of this chapter, and the general assembly has power to amend, repeal or modify this […]
Section 7-16-76. – Low-profit limited-liability company.
§ 7-16-76. Low-profit limited-liability company. (a) A low-profit limited-liability company shall at all times significantly further the accomplishment of one or more charitable or educational purposes within the meaning of § 170(c)(2)(B) of the Internal Revenue Code of 1986, 26 U.S.C. § 170(c)(2)(B), or its successor, and would not have been formed but for the […]
Section 7-16-57. – Pleading in derivative action.
§ 7-16-57. Pleading in derivative action. In a derivative action, the complaint shall set forth with particularity the effort of the plaintiff to secure initiation of the action by the managers or the members who would otherwise have the authority to cause the limited-liability company to sue in its own right or why such effort […]
Section 7-16-72. – Severability.
§ 7-16-72. Severability. If any provision of this chapter or its application to any person or circumstance is held invalid, the invalidity does not affect other provisions or applications of this chapter that can be given effect without the invalid provision or application. To this end, the provisions of this chapter are severable. History of […]
Section 7-16-58. – Expenses in derivative action.
§ 7-16-58. Expenses in derivative action. (a) If a derivative action is successful, in whole or in part, or if anything is received by the plaintiff as a result of a judgment, compromise or settlement of an action or claim, the court may award the plaintiff reasonable expenses, including legal fees, and shall direct him […]
Section 7-16-59. – Merger or consolidation.
§ 7-16-59. Merger or consolidation. Any provision of chapters 1.2 and 13 of this title to the contrary notwithstanding: (1) Any one or more domestic or foreign limited-liability companies may merge or consolidate with or into any one or more domestic or foreign limited-liability companies, limited partnerships or corporations; and (2) Any one or more […]
Section 7-16-60. – Plan of merger or consolidation.
§ 7-16-60. Plan of merger or consolidation. (a) Each constituent entity shall enter into a written plan of merger or consolidation, which shall be approved by each domestic constituent entity in accordance with § 7-16-61. (b) The plan of merger or consolidation shall set forth: (1) The name of each limited-liability company, corporation and limited […]
Section 7-16-61. – Approval of merger or consolidation.
§ 7-16-61. Approval of merger or consolidation. (a) A proposed plan of merger or consolidation complying with the requirements of § 7-16-60 shall be approved by the domestic constituent entities in the manner provided by this section: (1) A limited-liability company party to a proposed merger or consolidation shall have the plan of merger or […]