Rhode Island General Laws 42-116-25.1. Defeasance of corporation bonds
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Upon termination of the corporation all funds from assets formerly held by the corporation shall be paid to the general fund upon receipt.
History of Section.
P.L. 2000, ch. 55, art. 3, § 6; P.L. 2001, ch. 77, art. 3, § 3; P.L. 2002, ch. 65, art. 17, § 3; P.L. 2003, ch. 376, art. 4, § 2; P.L. 2004, ch. 595, art. 6, § 2.
Terms Used In Rhode Island General Laws 42-116-25.1
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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.