(a)  The corporation is authorized to accept any monies that may be appropriated from time to time by the general assembly for effectuating its corporate purposes including, without limitation, the payment of the initial expenses of administration and operation of the corporation and the establishment of reserves or contingency funds to be available for the payment of the principal of and the interest on any bonds, notes, certificates or other obligation of the corporation.

Terms Used In Rhode Island General Laws 42-116-21

  • Bonds: means the bonds, notes, or other evidences of indebtedness of the corporation. See Rhode Island General Laws 42-116-3
  • Corporation: means the Rhode Island depositors economic protection corporation. See Rhode Island General Laws 42-116-3
  • 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.
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.

(b)  The corporation is authorized to participate in any federal plan designed to alleviate a banking crisis and to accept any federal funds made available for that purpose.

History of Section.
P.L. 1991, ch. 3, § 4.