Rhode Island General Laws 42-133-12. Limited power to incur debt
Current as of: 2024 | Check for updates
|
Other versions
The corporation and the board have no power to incur debt or obligations or in any way to encumber their assets except by the issuance of bonds, including the making of covenants in relation to the issuing of bonds and the incurring of expenses and obligations in connection with such issuance.
History of Section.
P.L. 2002, ch. 65, art. 8, § 1.
Terms Used In Rhode Island General Laws 42-133-12
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Board: means the governing body of the corporation. See Rhode Island General Laws 42-133-3
- Bonds: means bonds, notes (but only as provided in § 42-133-8(6)(e)), or other evidences of indebtedness of the corporation, all of which shall be in all events payable solely from and secured solely by such portion of the state's tobacco receipts as are sold to the corporation and pledged to secure the bonds, and issued pursuant to the authorizations contained in this chapter, all of which shall be issued under the name of or known as obligations of the corporation. See Rhode Island General Laws 42-133-3