(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 tobacco settlement financing corporation, with such powers as are set forth in this chapter.

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Terms Used In Rhode Island General Laws 42-133-4

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • 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
  • 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 corporation authorized, created, and established pursuant to this chapter. See Rhode Island General Laws 42-133-3
  • person: may be construed to extend to and include co-partnerships and bodies corporate and politic. See Rhode Island General Laws 43-3-6
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • State: means the state of Rhode Island. See Rhode Island General Laws 42-133-3

(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. 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 prior to the date which is one year and one day after the date on which the corporation no longer has any bonds outstanding. Upon termination of the existence of the corporation, all its rights and properties shall pass to and best vested in the state. At no other time shall the assets or other property of the corporation inure to the benefit of any other person.

History of Section.
P.L. 2002, ch. 65, art. 8, § 1.