§ 42-64.2-2. Creation. (a) There is authorized, created, and established a public corporation of the state having a distinct legal existence from the state and not constituting a department of state government, which is a governmental agency and public instrumentality of the state, to be known as the Rhode Island public rail corporation (formerly the Rhode Island East Bay commuter transit corporation) with those powers that are set forth in this chapter, for the purposes of acquiring and developing real and personal property and to provide financing to others as set forth in this chapter, promoting the economic development of the state and the general welfare of its citizens.
(b) The exercise by the Rhode Island public rail corporation of the powers conferred by this chapter shall be deemed and held to be the performance of an essential governmental function of the state for public purposes. It is the intent of the general assembly by the passage of this chapter to vest in the corporation all powers, authority, rights, privileges, and titles which may be necessary to enable it to accomplish the purposes set forth, and this chapter and the powers granted shall be liberally construed in conformity with those purposes.
(c) The Rhode Island public rail corporation and its corporate existence shall continue until terminated by law or until the corporation shall cease entirely and continuously to conduct or be involved in any business whatsoever in furtherance of its purposes; provided, that no termination shall take effect, so long as the corporation shall have bonds, notes, or other obligations outstanding, unless adequate provision shall have been made for their payment pursuant to the documents securing the bonds, notes or other obligations or to the law. Upon termination of the existence of the corporation, all its rights and properties shall pass to and be vested in the state. At no time shall the assets or other property of the corporation inure to the benefit of any person or other corporation or entity.
History of Section. (P.L. 1982, ch. 205, § 1; P.L. 1986, ch. 198, § 40; P.L. 1991, ch. 336, § 1.)
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.