§ 42-64-4 - Creation.
SECTION 42-64-4
§ 42-64-4 Creation. – (a) There is authorized, created, and established a public corporation of thestate having a distinct legal existence from the state and not constituting adepartment of state government, which is a governmental agency and publicinstrumentality of the state, to be known as the "Rhode Island economicdevelopment corporation", and which may be referred to as the "economicdevelopment corporation", with those powers that are set forth in this chapter,for the purposes of acquiring and developing real and personal property, andproviding financing to others as set forth in this chapter, providing andpromoting and encouraging the preservation, expansion and sound development ofnew and existing industry, business, commerce, agriculture, tourism,recreational, and renewable energy facilities, promoting thereby the economicdevelopment of the state and the general welfare of its citizens.
(b) The exercise by the corporation of the powers conferredby this chapter shall be deemed and held to be the performance of an essentialgovernmental function of the state for public purposes. It is the intent of thegeneral assembly by the passage of this chapter to vest in the corporation allpowers, authority, rights, privileges, and titles which may be necessary toenable it to accomplish the purposes herein set forth, and this chapter and thepowers granted hereby shall be liberally construed in conformity with thosepurposes.
(c) The corporation and its corporate existence shallcontinue until terminated by law or until the corporation shall cease entirelyand continuously to conduct or be involved in any business whatsoever infurtherance of its purposes; provided, that no termination shall take effect,so long as the corporation shall have bonds, notes, or other obligationsoutstanding, unless adequate provision shall have been made for the paymentthereof pursuant to the documents securing the obligations or to theterminating law. Upon termination of the existence of the corporation, all ofits rights and properties shall pass to and be vested in the state. At no timeshall the assets or other property of the corporation inure to the benefit ofany person or other corporation or entity.