§ 42-64-6. General powers.
(a) Except to the extent inconsistent with any specific provision of this chapter, the
Rhode Island commerce corporation shall have the power:
(1) To sue and be sued, complain and defend, in its corporate name.
(2) To have a seal, which may be altered at pleasure and to use the seal by causing it,
or a facsimile of the seal, to be impressed or affixed, or in any other manner reproduced.
(3) To purchase, take, receive, lease, or otherwise acquire, own, hold, improve, use,
and otherwise deal in and with, real or personal property, or any interest in real
or personal property, wherever situated.
(4) To sell, convey, mortgage, pledge, lease, exchange, transfer, and otherwise dispose
of all or any part of its property and assets for any consideration and upon any terms
and conditions as the corporation shall determine.
(5) To make contracts and guarantees and incur liabilities, borrow money at any rates
of interest as the corporation may determine.
(6) To make and execute agreements of lease, conditional sales contracts, installment
sales contracts, loan agreements, mortgages, construction contracts, operation contracts,
and other contracts and instruments necessary or convenient in the exercise of the
powers and functions of the corporation granted by this chapter.
(7) To lend money for its purposes, invest and reinvest its funds, and at its option to
take and hold real and personal property as security for the payment of funds so loaned
or invested.
(8) To acquire or contract to acquire, from any person, firm, corporation, municipality,
the federal government, or the state, or any agency of either the federal government
or the state, by grant, purchase, lease, gift, condemnation, or otherwise, or to obtain
options for the acquisition of any property, real or personal, improved or unimproved,
and interests in land less than the fee thereof; and to own, hold, clear, improve,
develop, and rehabilitate, and to sell, assign, exchange, transfer, convey, lease,
mortgage, or otherwise dispose or encumber that property for the purposes of carrying
out the provisions and intent of this chapter, for any consideration as the corporation
shall determine.
(9) To conduct its activities, carry on its operations, and have offices and exercise
the powers granted by this chapter, within or outside of the state.
(10) To elect or appoint officers and agents of the corporation, and define their duties
and fix their compensation.
(11) To make and alter bylaws, not inconsistent with this chapter, for the administration
and regulation of the affairs of the corporation, and those bylaws may contain provisions
indemnifying any person who is or was a director, officer, employee, or agent of the
corporation, or is or was serving at the request of the corporation as a director,
officer, employee, or agent of another corporation, partnership, joint venture, trust,
or other enterprise, in the manner and to the extent provided in §â€‚7-1.2-814 of the business corporation act.
(12) To be a promoter, partner, member, associate, or manager of any partnership, enterprise,
or venture.
(13) To have and exercise all powers necessary or convenient to effect its purposes; provided,
however, that the corporation shall not have any power to create, empower or otherwise
establish any corporation, subsidiary corporation, corporate body, any form of partnership,
or any other separate entity without the express approval and authorization of the
general assembly.
(b) Express approval and authorization of the general assembly shall be deemed to have
been given for all legal purposes on July 1, 1995, for the creation and lawful management
of a subsidiary corporation created for the management of the Quonset Point/Davisville
Industrial Park, that subsidiary corporation being managed by a board of directors,
the members of which shall be constituted as follows: (1) two (2) members who shall
be appointed by the town council of the town of North Kingstown; (2) two (2) members
who shall be residents of the town of North Kingstown appointed by the governor; (3)
four (4) members who shall be appointed by the governor; (4) the chairperson, who
shall be: (i) the executive director of the Rhode Island economic development corporation
until such time that the secretary of commerce is appointed; (ii) Upon the appointment
of a secretary of commerce, the chief executive officer of the Rhode Island commerce
corporation, and who also shall be the secretary of the Rhode Island executive office
of commerce; and (5) non-voting members who shall be the members of the general assembly
whose districts are comprised in any part by areas located within the town of North
Kingstown.
The approval and authorization provided herein shall terminate upon the establishment
of the Quonset Development Corporation as provided for in chapter 64.10 of this title.