Public Finance

University of Rhode Island Research Corporation

SECTION 35-12-4

§ 35-12-4 Creation – Powers – Construction of chapter – Termination.

(a) There is hereby authorized, created, and established a public corporation of the state having a legal existence distinct from the state and not constituting a department of state government, to be known as the university of Rhode Island research corporation, with such powers as are set forth in this chapter, for the purposes of purchasing, taking, or acquiring accounts of the university, selling these accounts, and borrowing funds secured by these accounts.

(b) It is the intent of the general assembly by the passage of this chapter to vest in the corporation all powers, authority, rights, privileges, and titles which may be necessary to enable it to accomplish the purposes set forth in this chapter, and this chapter and the powers granted hereby shall be liberally construed in conformity with these purposes.

(c) The corporation and its corporate existence shall continue until terminated by law or until the corporation shall cease entirely and continuously to conduct or be involved in any business whatsoever in furtherance of its purposes; provided, that no termination shall take effect so long as the corporation shall have notes or other obligations outstanding, unless adequate provision shall have been made for the payment thereof pursuant to the documents securing the obligations or to that law. Upon termination of the existence of the corporation, all its rights and properties shall pass to and be vested in the university. At no time shall the assets or other property of the corporation inure to the benefit of any person or other corporation or entity.

History of Section.
(P.L. 1982, ch. 324, § 1.)