§ 35-12-4 - Creation – Powers – Construction of chapter – Termination. - Rhode Island Statutes

SECTION 35-12-4

   § 35-12-4  Creation – Powers –Construction of chapter – Termination. – (a) There is hereby authorized, created, and established a public corporationof the state having a legal existence distinct from the state and notconstituting a department of state government, to be known as the university ofRhode Island research corporation, with such powers as are set forth in thischapter, for the purposes of purchasing, taking, or acquiring accounts of theuniversity, selling these accounts, and borrowing funds secured by theseaccounts.

   (b) It is the intent of the general assembly by the passageof this chapter to vest in the corporation all powers, authority, rights,privileges, and titles which may be necessary to enable it to accomplish thepurposes set forth in this chapter, and this chapter and the powers grantedhereby shall be liberally construed in conformity with these purposes.

   (c) The corporation and its corporate existence shallcontinue until terminated by law or until the corporation shall cease entirelyand continuously to conduct or be involved in any business whatsoever infurtherance of its purposes; provided, that no termination shall take effect solong as the corporation shall have notes or other obligations outstanding,unless adequate provision shall have been made for the payment thereof pursuantto the documents securing the obligations or to that law. Upon termination ofthe existence of the corporation, all its rights and properties shall pass toand be vested in the university. At no time shall the assets or other propertyof the corporation inure to the benefit of any person or other corporation orentity.