Rhode Island General Laws 35-12-6. Additional powers
In addition to the powers enumerated in § 35-12-5, the corporation shall have power to:
(1) Purchase accounts from the university for such consideration and upon such terms and conditions as the corporation shall determine;
(2) Pledge purchased accounts as security for any borrowings undertaken by the corporation or sell the accounts for such consideration and on such terms and conditions as the corporation shall determine;
(3) Borrow money and issue notes and provide for the rights of the holders thereof, and secure the notes by assignment, pledge, or granting of a security interest in accounts, including, without limitation, all or a part of its interest in accounts for the purpose of providing funds to effectuate its purposes under this chapter; and
(4) Create and establish such other fund or funds as may be necessary or desirable for its corporate purposes.
History of Section.
P.L. 1982, ch. 324, § 1.
Terms Used In Rhode Island General Laws 35-12-6
- Accounts: means accounts receivable, representing amounts due or owing to the university from contracts with the federal government or other independent entities for research activities undertaken by the university, the obligation for the payment of which accounts has arisen. See Rhode Island General Laws 35-12-3
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Corporation: means the governmental agency and public instrumentality authorized, created, and established pursuant to § 35-12-4. See Rhode Island General Laws 35-12-3
- Notes: means the notes, securities, or other obligations or evidences of indebtedness issued by the corporation pursuant to this chapter, all of which shall be issued under the name of or known as obligations of the "university of Rhode Island research corporation". See Rhode Island General Laws 35-12-3
- University: means the university of Rhode Island. See Rhode Island General Laws 35-12-3