§ 42-64.2-2 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 public railcorporation (formerly the Rhode Island East Bay commuter transit corporation)with those powers that are set forth in this chapter, for the purposes ofacquiring and developing real and personal property and to provide financing toothers as set forth in this chapter, promoting the economic development of thestate and the general welfare of its citizens.
(b) The exercise by the Rhode Island public rail corporationof the powers conferred by this chapter shall be deemed and held to be theperformance of an essential governmental function of the state for publicpurposes. It is the intent of the general assembly by the passage of thischapter to vest in the corporation all powers, authority, rights, privileges,and titles which may be necessary to enable it to accomplish the purposes setforth, and this chapter and the powers granted shall be liberally construed inconformity with those purposes.
(c) The Rhode Island public rail corporation and itscorporate existence shall continue until terminated by law or until thecorporation shall cease entirely and continuously to conduct or be involved inany business whatsoever in furtherance of its purposes; provided, that notermination shall take effect, so long as the corporation shall have bonds,notes, or other obligations outstanding, unless adequate provision shall havebeen made for their payment pursuant to the documents securing the bonds, notesor other obligations or to the law. Upon termination of the existence of thecorporation, all its rights and properties shall pass to and be vested in thestate. At no time shall the assets or other property of the corporation inureto the benefit of any person or other corporation or entity.
§ 42-64.2-2 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 public railcorporation (formerly the Rhode Island East Bay commuter transit corporation)with those powers that are set forth in this chapter, for the purposes ofacquiring and developing real and personal property and to provide financing toothers as set forth in this chapter, promoting the economic development of thestate and the general welfare of its citizens.
(b) The exercise by the Rhode Island public rail corporationof the powers conferred by this chapter shall be deemed and held to be theperformance of an essential governmental function of the state for publicpurposes. It is the intent of the general assembly by the passage of thischapter to vest in the corporation all powers, authority, rights, privileges,and titles which may be necessary to enable it to accomplish the purposes setforth, and this chapter and the powers granted shall be liberally construed inconformity with those purposes.
(c) The Rhode Island public rail corporation and itscorporate existence shall continue until terminated by law or until thecorporation shall cease entirely and continuously to conduct or be involved inany business whatsoever in furtherance of its purposes; provided, that notermination shall take effect, so long as the corporation shall have bonds,notes, or other obligations outstanding, unless adequate provision shall havebeen made for their payment pursuant to the documents securing the bonds, notesor other obligations or to the law. Upon termination of the existence of thecorporation, all its rights and properties shall pass to and be vested in thestate. At no time shall the assets or other property of the corporation inureto the benefit of any person or other corporation or entity.
§ 42-64.2-2 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 public railcorporation (formerly the Rhode Island East Bay commuter transit corporation)with those powers that are set forth in this chapter, for the purposes ofacquiring and developing real and personal property and to provide financing toothers as set forth in this chapter, promoting the economic development of thestate and the general welfare of its citizens.
(b) The exercise by the Rhode Island public rail corporationof the powers conferred by this chapter shall be deemed and held to be theperformance of an essential governmental function of the state for publicpurposes. It is the intent of the general assembly by the passage of thischapter to vest in the corporation all powers, authority, rights, privileges,and titles which may be necessary to enable it to accomplish the purposes setforth, and this chapter and the powers granted shall be liberally construed inconformity with those purposes.
(c) The Rhode Island public rail corporation and itscorporate existence shall continue until terminated by law or until thecorporation shall cease entirely and continuously to conduct or be involved inany business whatsoever in furtherance of its purposes; provided, that notermination shall take effect, so long as the corporation shall have bonds,notes, or other obligations outstanding, unless adequate provision shall havebeen made for their payment pursuant to the documents securing the bonds, notesor other obligations or to the law. Upon termination of the existence of thecorporation, all its rights and properties shall pass to and be vested in thestate. At no time shall the assets or other property of the corporation inureto the benefit of any person or other corporation or entity.
