(a)  There is authorized, created, and established a public corporation of the state having a distinct legal existence from the state and not constituting a department of state government, which is a governmental agency and public instrumentality of the state, to be known as the Rhode Island public rail corporation (formerly the Rhode Island East Bay commuter transit corporation) with those powers that are set forth in this chapter, for the purposes of acquiring and developing real and personal property and to provide financing to others as set forth in this chapter, promoting the economic development of the state and the general welfare of its citizens.

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Terms Used In Rhode Island General Laws 42-64.2-2

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • 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.
  • person: may be construed to extend to and include co-partnerships and bodies corporate and politic. See Rhode Island General Laws 43-3-6
  • Personal property: All property that is not real property.

(b)  The exercise by the Rhode Island public rail corporation of the powers conferred by this chapter shall be deemed and held to be the performance of an essential governmental function of the state for public purposes. 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, and this chapter and the powers granted shall be liberally construed in conformity with those purposes.

(c)  The Rhode Island public rail 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, so long as the corporation shall have bonds, notes, or other obligations outstanding, unless adequate provision shall have been made for their payment pursuant to the documents securing the bonds, notes or other obligations or to the law. Upon termination of the existence of the corporation, all its rights and properties shall pass to and be vested in the state. At no time shall the assets or other property of the corporation inure to the benefit of any person or other corporation or entity.

History of Section.
P.L. 1982, ch. 205, § 1; P.L. 1986, ch. 198, § 40; P.L. 1991, ch. 336, § 1.