Rhode Island General Laws 42-14-6. Restrictions on interests of superintendents
The superintendents of banking and insurance shall not engage in any other business or be an officer of or directly or indirectly interested in any national bank doing business in this state, or in any bank, savings bank, or trust company organized under the laws of this state, nor be directly or indirectly interested in any corporation, business, or occupation that requires his or her official supervision; absent compliance with § 42-14-6.1, no superintendent shall become indebted to any bank, savings bank, or trust company organized under the laws of this state, nor shall he or she engage or be interested in the sale of securities as a business, or in the negotiation of loans for others.
History of Section.
P.L. 1908, ch. 1590, § 30; G.L. 1909, ch. 233, § 2; G.L. 1923, ch. 274, § 2; G.L. 1938, ch. 127, § 2; impl. am. P.L. 1939, ch. 660, § 122; G.L. 1956, § 42-14-6; P.L. 2018, ch. 47, art. 3, § 8.
Terms Used In Rhode Island General Laws 42-14-6
- 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.
- National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC