§ 45-54-19 - Capital reserves. - Rhode Island Statutes

SECTION 45-54-19

   § 45-54-19  Capital reserves. – To assure the continued operation and solvency of the corporation for thecarrying out of its corporate purposes, the corporation may create andestablish one or more special funds ( referred to as "capital reserve funds" inthis chapter), and may pay into each capital reserve fund:

   (1) Any monies appropriated and made available by the statefor the purpose of the fund;

   (2) Proceeds from the sale of notes or bonds to the extentprovided in the resolution or resolutions of the corporation authorizing theirissuance; and

   (3) Any other moneys that may be made available to thecorporation, for the purpose of the fund, from any other source.