§ 46-12.8-20 - Duration of agency – Termination. - Rhode Island Statutes

SECTION 46-12.8-20

   § 46-12.8-20  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 the bonds outstanding in accordance with this chapter, unlessadequate provision has been made for the payment or satisfaction thereof. Upontermination of the agency, the title to all funds and other properties owned byit, which remain after provision for payment or satisfaction of all bonds ofthe agency, shall vest in the state. The obligations, debts, and liabilities ofthe agency shall be assumed by and imposed upon the state, and shall betransferred to the general treasurer or to such other successor as the generalassembly may designate.