§ 42-116-6 — § 42-116-6. Additional general powers.

Rhode Island § 42-116-6

• Jurisdiction: Rhode Island
• Title 42: State Affairs and Government
• Ch. 42-116: Rhode Island Depositors Economic Protection Corporation

Text

§ 42-116-6. Additional general powers.

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 assets in the manner that the corporation deems advisable and sell or dispose of those assets acquired or held by it at prices without relation to cost and in the manner as the corporation deems advisable, and to secure its own bonds with these assets, all as provided in this chapter;

(2) In connection with the acquisition of all or any portion of the assets of an eligible institution, to assume all, none, or any portion of the liabilities, including deposit liabilities, of an eligible institution at the terms and in the manner that the corporation deems advisable; provided, however, that the corporation is responsible and liable only for those liabilities specifically assumed and bears no responsibility or liability for any other debts or liabilities of the eligible institutions;

(3) To abandon any of the corporation's assets or property as the corporation deems advisable;

(4) To redeem any of the assets or properties of the corporation which are subject to a pledge, mortgage, or security interest, upon the terms and conditions as the corporation deems advisable;

(5) To establish and collect or cause to be collected the fees and charges that the corporation determines to be reasonable;

(6) To make loans in furtherance of the purposes of the corporation, including, without limitation, to renegotiate, rewrite, extend, and modify loans and other obligations;

(7) To make advance, progress, or other payments;

(8) To modify, renegotiate, or restructure any agreement relating to any assets acquired or liabilities assumed by the corporation;

(9) To make and enter into indemnity and guaranty agreements;

(10) To assist in the acquisition of federal deposit insurance with respect to any deposit liabilities (or any deposit obligations issued in full or partial satisfaction thereof) whether from the National Credit Union Administration or the Federal Deposit Insurance Corporation, and whether or not the acquisition of federal insurance is by merger, purchase and assumption, consolidation, liquidation, conversion, or otherwise, which assistance may include without limitation the corporation's pledge or payment of its revenues to or for the benefit of an institution (which term for the purposes of this subsection includes an eligible institution and any institution that facilitates the acquisition of federal deposit insurance and any affiliate of the institution), sales or other transfer of assets of the corporation to or purchases or other acquisitions of assets from this institution, secured or unsecured loans to this institution, secured or unsecured guaranties of or indemnities against losses or liabilities of this institution and/or purchases or other acquisitions by the corporation of capital stock of this institution; and

(11) To act as and be the conservator of an eligible institution in accordance with chapter 16 of title 19 or to act as a receiver in accordance with title 19, chapter 15 or to act as the operating, managing, liquidating, or other agent for the conservator or the receiver of an eligible institution.

Legislative History

P.L. 1991, ch. 3, § 4; P.L. 1992, ch. 9, § 1.