§ 46-12.2-23 - Duration of agency – Termination. - Rhode Island Statutes

SECTION 46-12.2-23

   § 46-12.2-23  Duration of agency –Termination. – The agency and its corporate existence shall continue until terminated by law;provided, however, that no such law shall take effect so long as the agencyshall have bonds outstanding, unless adequate provision has been made for thepayment or satisfaction thereof. Upon termination of the agency, the title toall funds and other properties owned by it, which remain after provision forthe payment or satisfaction of all bonds of the agency, shall vest in thestate. The obligations, debts, and liabilities of the agency shall be assumedby and imposed upon the state, and shall be transferred to the state generaltreasurer or to such other successor as the general assembly may designate.