(a)  Whenever the board of commissioners of the corporation shall by resolution determine that the purposes for which the corporation was formed have been substantially fulfilled and all bonds issued prior to this time by the corporation have been fully paid or adequate provision has been made for their payment, the board of commissioners shall file a written statement in the office of the secretary of state for their payment, which statement shall set forth:

(1)  That the board of commissioners of the corporation has, prior to this time, adopted a resolution to dissolve the corporation and that the resolution received the vote of the majority of the commissioners in office;

(2)  That all debts, obligations, and liabilities of the corporation have been paid and discharged or that adequate provision has been made for their payment;

(3)  That there are no suits pending against the corporation in any court, or that adequate provision has been made for the satisfaction of any judgment, order, or decree which may be entered against it in any pending suit.

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Terms Used In Rhode Island General Laws 42-99-15

  • 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.
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.

(b)  Upon the filing of a written statement as required in this section, the existence of the corporation shall cease and title to all funds and properties owned by the corporation at that time of dissolution shall vest in and become the property of the state. Any filing required to be made with the secretary of state pursuant to this section may be made without the payment of a filing fee.

History of Section.
P.L. 1987, ch. 455, § 15; P.L. 1991, ch. 37, § 1.