(a)  There is hereby authorized, created, and established a public corporation of the state having a legal existence distinct from the state and not constituting a department of state government, to be known as the university of Rhode Island research corporation, with such powers as are set forth in this chapter, for the purposes of purchasing, taking, or acquiring accounts of the university, selling these accounts, and borrowing funds secured by these accounts.

Terms Used In Rhode Island General Laws 35-12-4

  • Accounts: means accounts receivable, representing amounts due or owing to the university from contracts with the federal government or other independent entities for research activities undertaken by the university, the obligation for the payment of which accounts has arisen. See Rhode Island General Laws 35-12-3
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • 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 governmental agency and public instrumentality authorized, created, and established pursuant to § 35-12-4. See Rhode Island General Laws 35-12-3
  • Notes: means the notes, securities, or other obligations or evidences of indebtedness issued by the corporation pursuant to this chapter, all of which shall be issued under the name of or known as obligations of the "university of Rhode Island research corporation". See Rhode Island General Laws 35-12-3
  • person: may be construed to extend to and include co-partnerships and bodies corporate and politic. See Rhode Island General Laws 43-3-6
  • State: means the state of Rhode Island. See Rhode Island General Laws 35-12-3
  • University: means the university of Rhode Island. See Rhode Island General Laws 35-12-3

(b)  It is the intent of the general assembly by the passage of this chapter to vest in the corporation all powers, authority, rights, privileges, and titles which may be necessary to enable it to accomplish the purposes set forth in this chapter, and this chapter and the powers granted hereby shall be liberally construed in conformity with these purposes.

(c)  The corporation and its corporate existence shall continue until terminated by law or until the corporation shall cease entirely and continuously to conduct or be involved in any business whatsoever in furtherance of its purposes; provided, that no termination shall take effect so long as the corporation shall have notes or other obligations outstanding, unless adequate provision shall have been made for the payment thereof pursuant to the documents securing the obligations or to that law. Upon termination of the existence of the corporation, all its rights and properties shall pass to and be vested in the university. At no time shall the assets or other property of the corporation inure to the benefit of any person or other corporation or entity.

History of Section.
P.L. 1982, ch. 324, § 1.