(a)  The corporation is authorized and empowered to acquire and to dispose of real property without the necessity of obtaining the approval of the state properties committee or otherwise complying with the provisions of chapter 6 of Title 37.

lawyer at desk

Ask a legal question, get an answer ASAP!
Click here to chat with a lawyer about your rights.

Terms Used In Rhode Island General Laws 42-116-29

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Board: means the board of directors of the corporation. See Rhode Island General Laws 42-116-3
  • 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 Rhode Island depositors economic protection corporation. See Rhode Island General Laws 42-116-3
  • Eligible institution: means : (i) any credit union, loan and investment company, bank and trust company or other depository institution; (A) the accounts of which were insured by the Rhode Island share and deposit indemnity corporation as of December 30, 1990, and (B) for which a conservator or receiver had been appointed subsequent to January 1, 1991; and (ii) any conservator or appointed receiver; and (iii) the Rhode Island share and deposit indemnity corporation; and (iv) Heritage Loan and Investment Company. See Rhode Island General Laws 42-116-3
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • Statute: A law passed by a legislature.

(b)  Nothing in this statute or in the activities of the corporation constitutes a state mandate within the meaning of § 45-13-7, et seq.

(c)  Employees of the corporation are not, by reason of that employment, deemed to be employees of the state for any purpose, any other provision of the general laws to the contrary notwithstanding, including without limiting the generality of the foregoing, titles 28 and 36.

(d)  Neither the corporation nor its board of directors are exempt from the provisions of chapter 2 of Title 38, or chapter 46 of this title.

(e)  The corporation establishes internal purchasing procedures consistent with the provisions of chapter 2 of Title 37.

(f)  The corporation is authorized and empowered to acquire the assets of an eligible institution, dispose of those assets, and assume liabilities of an eligible institution without the necessity of complying with the provisions of title 37.

History of Section.
P.L. 1991, ch. 3, § 4.