§ 42-64-6 - General powers.
SECTION 42-64-6
§ 42-64-6 General powers. – (a) Except to the extent inconsistent with any specific provision of thischapter, the Rhode Island economic development corporation shall have the power:
(1) To sue and be sued, complain and defend, in its corporatename.
(2) To have a seal, which may be altered at pleasure and touse the seal by causing it, or a facsimile of the seal, to be impressed oraffixed, or in any other manner reproduced.
(3) To purchase, take, receive, lease, or otherwise acquire,own, hold, improve, use, and otherwise deal in and with, real or personalproperty, or any interest in real or personal property, wherever situated.
(4) To sell, convey, mortgage, pledge, lease, exchange,transfer, and otherwise dispose of all or any part of its property and assetsfor any consideration and upon any terms and conditions as the corporationshall determine.
(5) To make contracts and guarantees and incur liabilities,borrow money at any rates of interest as the corporation may determine.
(6) To make and execute agreements of lease, conditionalsales contracts, installment sales contracts, loan agreements, mortgages,construction contracts, operation contracts, and other contracts andinstruments necessary or convenient in the exercise of the powers and functionsof the corporation granted by this chapter.
(7) To lend money for its purposes, invest and reinvest itsfunds, and at its option to take and hold real and personal property assecurity for the payment of funds so loaned or invested.
(8) To acquire or contract to acquire, from any person, firm,corporation, municipality, the federal government, or the state, or any agencyof either the federal government or the state, by grant, purchase, lease, gift,condemnation, or otherwise, or to obtain options for the acquisition of anyproperty, real or personal, improved or unimproved, and interests in land lessthan the fee thereof; and to own, hold, clear, improve, develop, andrehabilitate, and to sell, assign, exchange, transfer, convey, lease, mortgage,or otherwise dispose or encumber that property for the purposes of carrying outthe provisions and intent of this chapter, for any consideration as thecorporation shall determine.
(9) To conduct its activities, carry on its operations, andhave offices and exercise the powers granted by this chapter, within or outsideof the state.
(10) To elect or appoint officers and agents of thecorporation, and define their duties and fix their compensation.
(11) To make and alter by-laws, not inconsistent with thischapter, for the administration and regulation of the affairs of thecorporation, and those by-laws may contain provisions indemnifying any personwho is or was a director, officer, employee, or agent of the corporation, or isor was serving at the request of the corporation as a director, officer,employee, or agent of another corporation, partnership, joint venture, trust,or other enterprise, in the manner and to the extent provided in §7-1.2-814 of the business corporation act.
(12) To be a promoter, partner, member, associate, or managerof any partnership, enterprise, or venture.
(13) To have and exercise all powers necessary or convenientto effect its purposes; provided, however, that the corporation shall not haveany power to create, empower or otherwise establish any corporation, subsidiarycorporation, corporate body, any form of partnership, or any other separateentity without the express approval and authorization of the general assembly.
(b) Express approval and authorization of the generalassembly shall be deemed to have been given for all legal purposes on July 1,1995 for the creation and lawful management of a subsidiary corporation createdfor the management of the Quonset Point/Davisville Industrial Park, thatsubsidiary corporation being managed by a board of directors, the members ofwhich shall be constituted as follows: (1) two (2) members who shall beappointed by the town council of the town of North Kingstown; (2) two (2)members who shall be residents of the town of North Kingstown appointed by thegovernor; (3) four (4) members who shall be appointed by the governor; (4) thechairperson, who shall be the executive director of the Rhode Island economicdevelopment corporation; and (5) non-voting members who shall be the members ofthe general assembly whose districts are comprised in any part by areas locatedwithin the town of North Kingstown.
The approval and authorization provided herein shallterminate upon the establishment of the Quonset Development Corporation asprovided for in chapter 64.10 of this title.