(a)  From time to time, after submission to the corporation by the commission of properly authenticated invoices for commission costs, together with other documentation substantiating and describing in detail as the corporation may reasonably request and after review by the auditor general, the corporation shall pay or cause to be paid the approved commission costs, but in no event shall the corporation pay or be liable for commission costs and expenses in the aggregate of no more than three million eight hundred thousand dollars ($3,800,000). The corporation is entitled to obtain, have access to, and use in its absolute discretion all materials, documents, instruments, investigations, data, information, and knowledge obtained, provided for or produced in connection with the work of the commission and has the right to employ for its own purposes the services of any of the accountants, consultants, or investigators employed by the commission at its own expense.

Terms Used In Rhode Island General Laws 42-116-39

  • Commission: means the select commission to investigate the failure of RISDIC insured financial institutions established pursuant to P. See Rhode Island General Laws 42-116-3
  • Commission costs: means those costs and expenses in the aggregate not to exceed three million eight hundred thousand dollars ($3,800,000) incurred by the commission for services rendered pursuant to a written contract entered into by the commission in furtherance of its purpose, but only to the extent that those costs and expenses have been designated as commission costs and expenses by an affirmative vote of a majority of the members of the commission. 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.
  • Person: means any natural or corporate person, including bodies politic and corporate, public departments, offices, agencies, authorities and political subdivisions of the state, corporations, societies, associations and partnerships, and subordinate instrumentalities of any one or more political subdivisions of the state. See Rhode Island General Laws 42-116-3

(b)  The corporation is subrogated to all rights, claims, and causes of action which the commission may have against any person who performs services or supplies goods to the commission. Nothing in this section, however, shall be deemed to grant to the corporation any right to direct or control the activities of the commission.

History of Section.
P.L. 1992, ch. 112, § 2.