§ 42-55-5.1 - Subsidiary corporations.
SECTION 42-55-5.1
§ 42-55-5.1 Subsidiary corporations.– (a) To further its purposes, the corporation shall have the power to form oneor more subsidiary corporations under either § 7-1.2-1 et seq. or §7-6-1 et seq. in accordance with the procedures therein contained. Eachsubsidiary corporation shall be governed by the section under which it isformed, provided that each shall be subject to the same restrictions andlimitations as to its powers and purposes to which the corporation is subjectunder this chapter and shall be deemed a state agency only for the purposes of§ 42-46-1 et seq. and § 38-2-1 et seq. The corporation may delegateany of its powers, obligations, and duties under this chapter to any subsidiarycorporation by inclusion of its powers, obligations and duties in the articlesof incorporation of the subsidiary corporation. Subsidiary corporations soformed shall constitute legal entities separate and distinct from each other,the corporation, and the state. The corporation shall not be liable for thedebts or obligations or for any actions or inactions of its subsidiarycorporations unless the corporation expressly agrees otherwise in writing. Thecorporation may make loans or grants to a subsidiary corporation from time totime to enable the subsidiary corporation to carry out its purposes. Thecommissioners of the corporation shall constitute all of the directors of eachsubsidiary corporation.
(b) The state, any municipality or any state commission,public authority, agency, officer, department, board, or division authorizedand empowered to enter into agreements with, to grant, convey, lease, orotherwise transfer any property to, or to otherwise transact business with thecorporation, shall have the same authorization and power to engage in theseactivities with each subsidiary corporation of the corporation.