§ 42-133-4 - Creation – Powers – Construction of chapter – Termination. - Rhode Island Statutes

SECTION 42-133-4

   § 42-133-4  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 tobaccosettlement financing corporation, with such powers as are set forth in thischapter.

   (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. This chapter and the powers granted herebyshall 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 effectprior to the date which is one year and one day after the date on which thecorporation no longer has any bonds outstanding. Upon termination of theexistence of the corporation, all its rights and properties shall pass to andbest vested in the state. At no other time shall the assets or other propertyof the corporation inure to the benefit of any other person.