§ 35-12-4. Creation — Powers — Construction of chapter — Termination.
(a) There is hereby authorized, created, and established a public corporation of the state
having a legal existence distinct from the state and not constituting a department
of state government, to be known as the university of Rhode Island research corporation,
with such powers as are set forth in this chapter, for the purposes of purchasing,
taking, or acquiring accounts of the university, selling these accounts, and borrowing
funds secured by these accounts.
(b) It is the intent of the general assembly by the passage of this chapter to
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§ 35-12-4. Creation — Powers — Construction of chapter — Termination.
(a) There is hereby authorized, created, and established a public corporation of the state
having a legal existence distinct from the state and not constituting a department
of state government, to be known as the university of Rhode Island research corporation,
with such powers as are set forth in this chapter, for the purposes of purchasing,
taking, or acquiring accounts of the university, selling these accounts, and borrowing
funds secured by these accounts.
(b) 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 in this chapter, and this
chapter and the powers granted hereby shall be liberally construed in conformity with
these purposes.
(c) The 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 notes or other obligations
outstanding, unless adequate provision shall have been made for the payment thereof
pursuant to the documents securing the obligations or to that law. Upon termination
of the existence of the corporation, all its rights and properties shall pass to and
be vested in the university. At no time shall the assets or other property of the
corporation inure to the benefit of any person or other corporation or entity.