Terms Used In Rhode Island General Laws > Chapter 23-99 - The Rhode Island Life Science Hub Act

• Advice and consent: Under the Constitution, presidential nominations for executive and judicial posts take effect only when confirmed by the Senate, and international treaties become effective only when the Senate approves them by a two-thirds vote.
• Affiliate: means any person or company who or that directly or indirectly controls or is controlled by or is under direct or indirect common control of another company or person including, but not limited to, any company that is merged or consolidated, or that purchases all or substantially all of the assets of another company. See Rhode Island General Laws 23-99-3
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Board: means the board of directors of the hub. See Rhode Island General Laws 23-99-3
• Certification proposal: means a written proposal submitted by a life science company for approval as a certified life sciences company. See Rhode Island General Laws 23-99-3
• Certified life sciences company: means a company that has been certified by the board as being eligible to receive grants and incentives from the investment fund. See Rhode Island General Laws 23-99-3
• Commerce corporation: means the Rhode Island commerce corporation, established pursuant to § 42-64-1 et seq. See Rhode Island General Laws 23-99-3
• Company: means a business corporation, partnership, firm, unincorporated association, or other entity engaged or proposing to engage in economic activity within the state, and any affiliate thereof. See Rhode Island General Laws 23-99-3
• 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.
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Ex officio: Literally, by virtue of one's office.
• Executive session: A portion of the Senate's daily session in which it considers executive business.
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• Hub: means the Rhode Island life science hub established by § 23-99-4. See Rhode Island General Laws 23-99-3
• Investment fund: means the hub investment fund established by § 23-99-6. See Rhode Island General Laws 23-99-3
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Life science: means and shall include, but not be limited to, the science of: medical devices, biomedical technology, medical therapeutic therapies, biogenetics, biomedical engineering, biopharmaceuticals, genomics, biomanufacturing, diagnostics, digital health, and related fields. See Rhode Island General Laws 23-99-3
• Life science company: means a company engaged in life science research, development, manufacturing, incubation, or commercialization in Rhode Island, and any affiliate thereof. See Rhode Island General Laws 23-99-3
• Life sciences industry: means the fields of medical devices, biomedical technology, medical therapeutic therapies, biogenetics, biomedical engineering, biopharmaceuticals, genomics, biomanufacturing, diagnostics, digital health, and related fields. See Rhode Island General Laws 23-99-3
• Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• 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.
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Person: means a natural person, company, or other legal entity. See Rhode Island General Laws 23-99-3
• Quorum: The number of legislators that must be present to do business.
• real estate: may be construed to include lands, tenements, and hereditaments and rights thereto and interests therein. See Rhode Island General Laws 43-3-10
• State: means the state of Rhode Island. See Rhode Island General Laws 23-99-3
• Venture: means , without limitation, any contractual arrangement with any person whereby the corporation obtains rights from or in an invention or product or proceeds therefrom, or rights to obtain from any person any and all forms of equity instruments including, but not limited to, common and preferred stock, warrants, options, convertible debentures, and similar types of instruments exercisable or convertible into capital stock, in exchange for the granting of financial aid to such person. See Rhode Island General Laws 23-99-3