§ 37-18-3 - Corporation established – Passage to state upon cessation of business. - Rhode Island Statutes

SECTION 37-18-3

   § 37-18-3  Corporation established –Passage to state upon cessation of business. – (a) Subject to the provisions of § 37-18-12, there is hereby authorized,created, and established a permanent, public corporation of the state having adistinct legal existence from the state and not constituting a department ofstate government, to be known as the "Narragansett Indian land managementcorporation" with such powers as are set forth in this chapter for the purposesof acquiring, managing, and purchasing real property as provided in §37-18-6(d).

   (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 herein set forth.

   (c) If, for any reason, the corporation shall cease entirelyand continuously to conduct or be involved in any business whatsoever infurtherance of its purposes, all its duties, purposes, rights, and propertiesshall pass to and be vested in the state and the lands shall be held in trustfor the Indians, as defined in this chapter, subject to the provisions of§§ 37-18-12 and 37-18-13.