§ 7-8-28 - Distribution of assets on dissolution.
SECTION 7-8-28
§ 7-8-28 Distribution of assets ondissolution. – Upon dissolution of an association, its assets, if any, after payment of theexpenses of dissolution and the debts of the association, shall be distributedas follows:
(1) By returning to the members the par value of their sharesor of their membership certificates, returning to subscribers the amounts paidon their subscriptions, and returning to those entitled to them the amountsallocated in distribution of net savings as contemplated by § 7-8-26; and
(2) By distributing any surplus as provided in the articlesof association.