Rhode Island General Laws > Chapter 7-9 – Additional Powers of Corporations


§ 7-9-1	Power to enter guaranty and suretyship contracts
§ 7-9-2	Power to execute bonds and obligations
§ 7-9-3	Acceptance of corporate bond as sole surety
§ 7-9-4	Purpose of provisions
§ 7-9-5	Allowance of bonding costs in accounts
§ 7-9-6	Premiums for bonds payable to state
§ 7-9-7	Estoppel of corporation to deny authority

Contract: A legal written agreement that becomes binding when signed.
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.
Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. ^{Source: OCC}
Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
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.
person: may be construed to extend to and include co-partnerships and bodies corporate and politic. See Rhode Island General Laws 43-3-6
seal: shall be construed to include an impression of the seal made with or without the use of wax or wafer on the paper. See Rhode Island General Laws 43-3-15
Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
United States: include the several states and the territories of the United States. See Rhode Island General Laws 43-3-8