TITLE 46
Waters and Navigation

CHAPTER 46-12.2
Rhode Island Infrastructure Bank

SECTION 46-12.2-5


§ 46-12.2-5. Officers.

(a) An executive director, who shall be a person professionally skilled and experienced in law, finance, or public administration, shall be appointed by the board of directors as chief executive officer of the agency, and shall serve at the pleasure of the board. The executive director shall administer the affairs of the agency, including, without limiting the generality of the foregoing matters, relating to contracting, financial assistance administration, personnel and administration, under the supervision of the board in accordance with such authorizations as the board may from time to time reasonably adopt and continue in force. Salaries of personnel shall be guided by the unclassified pay plan. The board may also appoint persons to hold the offices of secretary and treasurer to the agency, including assistant secretaries and assistant treasurers in whom may be vested any of the powers of the secretary and the treasurer, respectively, or may appoint a director or employee of the agency to exercise such duties. The secretary shall be the custodian of the seal and of the books and records of the agency, and shall keep a record of the proceedings of the board of directors. The secretary may cause copies to be made of all minutes and other records and documents of the agency, and may give certificates under its official seal to the effect that the copies are true copies and all persons dealing with the agency may rely upon the certificates. The treasurer shall have charge of the books of account and accounting records of the agency, and shall be responsible, under the supervision of the executive director, for financial control for the agency. The board shall appoint and establish compensation benefits and other terms of employment for other officers and employees of the agency as it deems reasonable and necessary. Officers of the agency shall serve at the pleasure of the board or under contracts of employment; provided, however, that no contract of employment shall exceed a term of three (3) years, which may be renewed upon the expiration for successive terms.

(b) Present or past directors, officers, employees, or agents of the agency may be indemnified by the agency to the extent allowed by and in accordance with the indemnification provisions applicable to nonprofit corporations pursuant to § 7-6-6, as amended from time to time. The agency shall be a public body for purposes of § 9-1-31.1.

(c) The agency shall be subject to the provisions of § 42-11.3-1 and the executive director shall not be deemed to be a director as used in said section.

History of Section.
(P.L. 1989, ch. 303, § 2; P.L. 1993, ch. 259, § 2.)