Rhode Island General Laws 45-38.1-26. Transfer of fund balances
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The corporation, by a vote of its board of directors, may at any time, upon receipt of a written request to do so by the governor, transfer to the state, either to the general fund account or any restricted receipt account established by the general assembly specified in any request, any monies constituting unencumbered fund balances of the corporation which the board of directors determines to be surplus to the needs of the corporation. Any determination made by the board shall be deemed final and conclusive and not subject to review directly or indirectly.
History of Section.
P.L. 1989, ch. 480, § 12.
Terms Used In Rhode Island General Laws 45-38.1-26
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Corporation: means the Rhode Island health and educational building corporation created and established as a nonbusiness corporation, under and pursuant to chapter 6 of Title 7, as amended, and constituted and established as a public body corporate and agency of the state under § 45-38. See Rhode Island General Laws 45-38.1-3
- State: means the state of Rhode Island. See Rhode Island General Laws 45-38.1-3