Rhode Island General Laws 44-15-18. Severability
If any provision of this chapter or the application of this chapter to any banking institution or credit union or circumstance is held invalid, the remainder of this chapter and the application of the provisions to the other banking institutions or credit unions or circumstances shall not be affected.
History of Section.
P.L. 1968, ch. 263, art. 13, § 1; P.L. 1986, ch. 410, § 1.
Terms Used In Rhode Island General Laws 44-15-18
- Banking institution: means and includes a national banking association with its principal office or a branch located within the limits of this state, a state bank, trust company, savings bank (state or federal), building and loan association, and savings and loan association (state or federal), and loan and investment company organized under the laws of this state or having its principal place of business or a branch in this state:
(2)(i) "Deposits" means and includes:
(A) In the case of a national banking association, state bank, trust company, or savings bank (state or federal), savings deposits, participation deposits, or time deposits of any kind which bear interest or which are entitled to dividends;
(B) In the case of a building and loan association or a savings and loan association, outstanding shares of stock of every class and however designated plus divided earnings applicable to the stock, or time deposits of any kind, but shall not include shares of stock and the divided earnings applicable, or time deposits of any kind pledged as collateral to secure mortgage loans on real estate;
(C) In the case of a loan and investment company, deposits, or time deposits of any kind, which bear interest; also fully paid or partly paid certificates of investment, but not including payments made on investment certificates hypothecated as collateral against loans. See Rhode Island General Laws 44-15-1
- Credit union: means and includes a credit union with its principal place of business or a branch of the credit union in this state. See Rhode Island General Laws 44-15-1.1
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.