Title 42, Title 42 Affairs and Government

(a) Prior to the distribution of depositors’ funds in individual retirement accounts in accordance with § 42-116-12, the corporation shall provide depositors with the option of receiving the funds on deposit or transferring the funds to a federally insured institution or other in…

(a) The corporation may provide by resolution of the board for the issuance from time to time of bonds of the corporation for any of its corporate purposes or for the borrowing of money in anticipation of the issuance of these bonds. Bonds issued by the corporation may be issued …

The corporation may issue refunding bonds for the purpose of paying any of its bonds issued pursuant to this chapter at or prior to maturity or upon acceleration or redemption or purchase and retirement. Refunding bonds may be issued at any times at or prior to the maturity, rede…

Bonds issued by the corporation under this chapter are made securities in which all public officers and agencies of the state and its political subdivisions, all insurance companies, trust companies in their commercial departments, savings banks, cooperative banks, banking associ…

Except as provided in this section, bonds may be issued under this chapter without obtaining the consent of any executive office, department, division, commission, board, bureau, or corporation of the state or any political subdivision of the state, and without any other proceedi…

Bonds issued by the corporation under the provisions of this chapter are not deemed to be a debt, obligation (moral or otherwise), or a pledge of the faith and credit of the state or of any of its political subdivisions, but shall be payable solely from the revenues, funds, asset…

(a) Notwithstanding any provision of any other law, including the Uniform Commercial Code, title 6A of the general laws: (1) Any pledge or assignment of revenues of any kind, funds, loan agreements, property, or assets made pursuant to the provisions of this chapter by the corpor…

Notwithstanding any of the provisions of this chapter or any recitals in any bonds issued hereunder, all such bonds are deemed to be investment securities under the Uniform Commercial Code, title 6A of the general laws.

(a) It is found that certain credit unions, loan and investment companies, and bank and trust companies organized and existing under the laws of the state whose deposits were previously insured by the Rhode Island share and deposit indemnity corporation, are presently unable and …

All moneys and other property of any nature or description received by the corporation pursuant to the provisions of this chapter, whether as proceeds from the issuance of bonds or as revenues or otherwise, and all income of any nature or description derived directly or indirectl…

(a) The corporation is authorized to accept any monies that may be appropriated from time to time by the general assembly for effectuating its corporate purposes including, without limitation, the payment of the initial expenses of administration and operation of the corporation …

All state agencies, departments, boards, and commissions may render those services to the corporation within their respective functions as may be requested by the corporation.

No agreement which tends to diminish or defeat the interest of the corporation in any asset acquired by it under this chapter is valid against the corporation unless the agreement: (1) Is in writing; (2) Was executed by the eligible institution and any person claiming an adverse …

(a) Bonds issued by the corporation in accordance with this chapter, the principal and the income from these bonds, including any profit made on the sale of these bonds, are, at all times, exempt from taxation by and within the state. (b) The exercise of the powers granted by thi…

The corporation and its corporate existence shall continue until it is dissolved in accordance with procedures contained in §§ 7-6-50 — 7-6-55 after its board of directors has determined that the purposes for which it has been created have been substantially fulfilled; provided, …

Upon termination of the corporation all funds from assets formerly held by the corporation shall be paid to the general fund upon receipt.

The state shall indemnify the tax administrator and any of his or her agents for any recovery against the administrator in his or her personal capacity arising out of any act or omission occurring within the scope of the administrator’s duties; provided that the act or omission i…

The corporation shall, at all times, keep full and accurate accounts of its receipts, expenditures, disbursements, assets, and liabilities which shall be open to inspection by any officer or appointed agent of the state. The corporation shall submit an annual report, in writing, …

The provisions of this chapter are deemed to provide an additional, alternative, and complete method for accomplishing the purposes of this chapter, and are deemed and construed to be supplemental and additional to, and not in derogation of, powers conferred upon the corporation …

Notwithstanding anything to the contrary in this chapter, the provisions of this chapter are limited to the extent required by applicable federal law.

(a) The corporation is authorized and empowered to acquire and to dispose of real property without the necessity of obtaining the approval of the state properties committee or otherwise complying with the provisions of chapter 6 of title 37. (b) Nothing in this statute or in the …

As used in this chapter, unless the context clearly indicates otherwise, the following words and phrases have the following meanings: (1) “Board” means the board of directors of the corporation. (2) “Bonds” means the bonds, notes, or other evidences of indebtedness of the corpora…

The corporation is, subject to the period of limitations set forth in § 9-1-25, liable in actions of tort only to the extent that those actions do not arise from the performance of any functions found or deemed to be essential or discretionary governmental functions. Any recovery…

(a) There is created a special revenue fund. Commencing July 1, 1991, one half of one percent (0.5%) and an additional one-tenth of one percent (0.1%) as of February 1, 1992, for a total of six-tenths of one percent (0.6%) as of February 1, 1992, which is appropriated for the fis…

(a) Any depositor who receives payments under this chapter is deemed to have assigned to the corporation all rights, claims, and causes of action which he or she may have (1) against any eligible institution, (2) against any officers, directors, employees, or agents of the instit…

(a) There is created a seven (7) member performance review committee. The members shall be: (1) the governor or his or her designee; (2) the speaker of the house of representatives or his or her designee; (3) the president of the senate or his or her designee; (4) a minority part…

The provisions of this chapter are severable, and if any provision of this chapter is held invalid in any circumstances, that invalidity shall not affect any other provisions or circumstances. This chapter shall be construed in all respects so as to meet any constitutional requir…

Any person or entity who entered into an agreement with any institution subject to receivership pursuant to the Rhode Island Depositors Economic Protection Act for an interest rate above the highest publicly posted rate forfeits all of that interest in excess of the posted rate f…

If the corporation receives or makes an assignment, conveyance or other transfer of commercial paper consisting of negotiable or non-negotiable instruments or contracts that are secured by any mortgage, assignment of rents, profits, or income of real estate, security interests in…

Notwithstanding the provisions of any general or special law to the contrary, from and after March 1, 1992, payment of funds of the corporation to any depositor of the Central Credit Union, the Marquette Credit Union, the Banner Loan and Investment Corporation, the Rhode Island C…

(a) There is created a three (3) member depositor’s advisory board. Members of the board shall be depositors in financial institutions which were closed as of January 1, 1991, and which are currently in receivership. One member shall be appointed by the house majority leader. One…

(a) From time to time, after submission to the corporation by the commission of properly authenticated invoices for commission costs, together with other documentation substantiating and describing in detail as the corporation may reasonably request and after review by the audito…

(a) There is created a public corporation of the state, having a distinct legal existence from the state and not constituting a department of the state government, with those politic and corporate powers set forth in this chapter, to be known as the “Rhode Island depositors econo…

(a) Notwithstanding any provisions of law to the contrary, a person, corporation, or other entity who has resolved its liability to the Rhode Island depositors economic protection corporation, the receiver of Rhode Island share and deposit indemnity corporation or the receiver of…

(a) On or before the winter meeting of the performance review committee, the corporation shall submit to the committee an assessment of the current market value of the remaining loans and real estate owned. This assessment shall contain a profile of the portfolio in sufficient de…

(a) The corporation has all of the powers to do all of the things necessary and convenient to carry out and effectuate the purposes and provisions of this chapter, including, without limiting the generality of the foregoing, the powers: (1) To adopt and amend bylaws for the gover…

Notwithstanding any other provision of this chapter, the corporation shall not sell or convey any property valued at more than five hundred dollars ($500) unless and until the buyers of the property disclose their identity in a public record. For the purposes of this section, the…

In addition to the powers enumerated in this chapter, except to the extent inconsistent with any specific provision of this chapter, the corporation has power: (1) To acquire or purchase all or any portion of the assets of one or more eligible institutions, and to hold those asse…

Distributions from the corporation with respect to deposit liabilities assumed from eligible institutions are made pursuant to and consistent with § 42-116-12 and are subject to subdivisions (1) — (6). (1) Any distribution to a depositor is subject to any legally available set-of…

(a) An executive director, who shall be a person professionally skilled and experienced in law, finance, or public administration, shall be appointed by the board of directors. An executive director may be removed at any time for cause by the board. The executive director shall a…

(a) Each director, officer and employee of the corporation is deemed to be an employee of the governor for purposes of Executive Order No. 91-1, dated January 1, 1991, as amended from time to time, and for the purposes of the Rhode Island Code of Ethics in Government, §§ 36-14-4 …