§ 27-19-2.1 - Investments and holdings in certain corporations authorized. - Rhode Island Statutes

SECTION 27-19-2.1

   § 27-19-2.1  Investments and holdings incertain corporations authorized. – (a) Each nonprofit hospital service corporation shall have, in addition to allother powers granted under this chapter and the laws of this state, the powerto invest in or cause to be organized and established one or more corporations,all or any portion of the issued and outstanding capital stock of which shallbe subscribed for or held by the nonprofit hospital service corporation.

   (b) As used in this section, "corporation" means anyorganization incorporated under the provisions of the law of this or anotherstate for one or more of the following purposes:

   (1) To establish, maintain, and operate hospital service andhealth insurance plans;

   (2) To develop, establish, purchase, maintain, perform, sell,and lease in connection with carrying out its corporate purpose: (i) dataprocessing and computer software programs, systems, and techniques; (ii) dataprocessing, bookkeeping, statistical, or software services; or (iii) otheradministrative and related services; or

   (3) To exercise the powers set forth in § 27-19-5 or tocarry out and fulfill any of the purposes of a hospital service corporationincorporated under this chapter.

   (c) Any limitation on investments or holdings contained in§ 27-19-11 or § 27-19-5.3 or any other law shall not apply withrespect to investments or holdings under this section; provided, that the valueof any investment shall not exceed twenty percent (20%) of the assets of thehospital service corporation.