reglab/housing_qa huggingface dataset:
RI Gen L § 42-116-24 (2021)
2021 Rhode Island General Laws|Title 42 - State Affairs and Government|Chapter 42-116 - Rhode Island Depositors Economic Protection Corporation|Section 42-116-24 - Tax exemption.

§ 42-116-24. Tax exemption.(a) Bonds issued by the corporation in accordance with this chapter, the principal and the income from these bonds, including any profit made on the sale of these bonds, are, at all times, exempt from taxation by and within the state.(b) The exercise of the powers granted by this chapter are in all respects for the benefit of the people of the state, the increase of their commerce, welfare, and prosperity and for the improvement of their health and living conditions and constitute the performance of an essential governmental function and the corporation, its assets, its properties, and its moneys, and the income derived from these are exempt from all state, municipal, and local taxes, excises and assessments; provided, however, that the corporation makes payments of real property taxes to municipalities and political subdivisions with respect to the real property of the corporation (other than real property owned by the corporation and used for the conduct of its operations) located in the municipalities and political subdivisions.(c) With respect to any transfer of real estate or an interest in real estate to or from the corporation, neither the corporation nor the entity or person making or receiving the transfer are required to pay any real estate conveyance or transfer tax or recording fees of any kind on account of instruments or documents recorded by or on behalf of the corporation or any entity or person in connection with the transfer.History of Section.P.L. 1991, ch. 3, § 4; P.L. 1992, ch. 9, § 1.
RI Gen L § 42-116-25 (2021)
2021 Rhode Island General Laws|Title 42 - State Affairs and Government|Chapter 42-116 - Rhode Island Depositors Economic Protection Corporation|Section 42-116-25 - Duration of corporation - Termination.

§ 42-116-25. Duration of corporation — Termination.The corporation and its corporate existence shall continue until it is dissolved in accordance with procedures contained in §§ 7-6-50 — 7-6-55 after its board of directors has determined that the purposes for which it has been created have been substantially fulfilled; provided, however, that no dissolution shall take effect so long as the corporation has bonds outstanding unless adequate provision has been made for the payment or satisfaction of their payment or unless there is a consent to a dissolution by an authorized action of the holders of these bonds or their trustee or other authorized representative. Notwithstanding any provisions to the contrary in §§ 7-6-50 — 7-6-55, upon termination of the corporation, title to all funds and other properties owned by it which remain after provision for the payment or satisfaction of all bonds, certificates of indebtedness, promissory notes, and other obligations of the corporation shall be transferred to and shall vest in the sinking fund as provided in chapter 8 of title 35. Net proceeds, after expenses, arising from any assets and legal settlements that have reverted to the sinking fund shall be deposited into the sinking fund as provided in chapter 8 of title 35.History of Section.P.L. 1991, ch. 3, § 4; P.L. 1992, ch. 9, § 1; P.L. 1998, ch. 31, art. 26, § 4.
RI Gen L § 42-116-25.1 (2021)
2021 Rhode Island General Laws|Title 42 - State Affairs and Government|Chapter 42-116 - Rhode Island Depositors Economic Protection Corporation|Section 42-116-25.1 - Defeasance of corporation bonds.

§ 42-116-25.1. Defeasance of corporation bonds.Upon termination of the corporation all funds from assets formerly held by the corporation shall be paid to the general fund upon receipt.History of Section.P.L. 2000, ch. 55, art. 3, § 6; P.L. 2001, ch. 77, art. 3, § 3; P.L. 2002, ch. 65, art. 17, § 3; P.L. 2003, ch. 376, art. 4, § 2; P.L. 2004, ch. 595, art. 6, § 2.
RI Gen L § 42-116-25.2 (2021)
2021 Rhode Island General Laws|Title 42 - State Affairs and Government|Chapter 42-116 - Rhode Island Depositors Economic Protection Corporation|Section 42-116-25.2 - Indemnification.

§ 42-116-25.2. Indemnification.The state shall indemnify the tax administrator and any of his or her agents for any recovery against the administrator in his or her personal capacity arising out of any act or omission occurring within the scope of the administrator's duties; provided that the act or omission is not the result of fraud, willful misconduct, or malice.History of Section.P.L. 2003, ch. 376, art. 4, § 3.
RI Gen L § 42-116-26 (2021)
2021 Rhode Island General Laws|Title 42 - State Affairs and Government|Chapter 42-116 - Rhode Island Depositors Economic Protection Corporation|Section 42-116-26 - Record keeping - Financial statements.

§ 42-116-26. Record keeping — Financial statements.The corporation shall, at all times, keep full and accurate accounts of its receipts, expenditures, disbursements, assets, and liabilities which shall be open to inspection by any officer or appointed agent of the state. The corporation shall submit an annual report, in writing, to the general assembly and the general officers. The report shall include financial statements relating to the operations, properties, and expenditures of the corporation maintained in accordance with generally accepted accounting principles. The auditor general shall perform or have performed an annual audit of the financial statements of the corporation.History of Section.P.L. 1991, ch. 3, § 4.
RI Gen L § 42-116-27 (2021)
2021 Rhode Island General Laws|Title 42 - State Affairs and Government|Chapter 42-116 - Rhode Island Depositors Economic Protection Corporation|Section 42-116-27 - Inconsistent laws - Supplemental powers.

§ 42-116-27. Inconsistent laws — Supplemental powers.The provisions of this chapter are deemed to provide an additional, alternative, and complete method for accomplishing the purposes of this chapter, and are deemed and construed to be supplemental and additional to, and not in derogation of, powers conferred upon the corporation and the department by any other laws; provided, however, that insofar as the provisions of this chapter are inconsistent with the provisions of any general or special law, municipal charter, administrative order or regulations, the provisions of this chapter are controlling.History of Section.P.L. 1991, ch. 3, § 4.
RI Gen L § 42-116-28 (2021)
2021 Rhode Island General Laws|Title 42 - State Affairs and Government|Chapter 42-116 - Rhode Island Depositors Economic Protection Corporation|Section 42-116-28 - Compliance with federal law.

§ 42-116-28. Compliance with federal law.Notwithstanding anything to the contrary in this chapter, the provisions of this chapter are limited to the extent required by applicable federal law.History of Section.P.L. 1991, ch. 3, § 4.
RI Gen L § 42-116-29 (2021)
2021 Rhode Island General Laws|Title 42 - State Affairs and Government|Chapter 42-116 - Rhode Island Depositors Economic Protection Corporation|Section 42-116-29 - Inapplicability of certain laws.

§ 42-116-29. Inapplicability of certain laws.(a) The corporation is authorized and empowered to acquire and to dispose of real property without the necessity of obtaining the approval of the state properties committee or otherwise complying with the provisions of chapter 6 of title 37.(b) Nothing in this statute or in the activities of the corporation constitutes a state mandate within the meaning of § 45-13-7, et seq.(c) Employees of the corporation are not, by reason of that employment, deemed to be employees of the state for any purpose, any other provision of the general laws to the contrary notwithstanding, including without limiting the generality of the foregoing, titles 28 and 36.(d) Neither the corporation nor its board of directors are exempt from the provisions of chapter 2 of title 38, or chapter 46 of this title.(e) The corporation establishes internal purchasing procedures consistent with the provisions of chapter 2 of title 37.(f) The corporation is authorized and empowered to acquire the assets of an eligible institution, dispose of those assets, and assume liabilities of an eligible institution without the necessity of complying with the provisions of title 37.History of Section.P.L. 1991, ch. 3, § 4.
RI Gen L § 42-116-30 (2021)
2021 Rhode Island General Laws|Title 42 - State Affairs and Government|Chapter 42-116 - Rhode Island Depositors Economic Protection Corporation|Section 42-116-30 - Liability of the corporation.

§ 42-116-30. Liability of the corporation.The corporation is, subject to the period of limitations set forth in § 9-1-25, liable in actions of tort only to the extent that those actions do not arise from the performance of any functions found or deemed to be essential or discretionary governmental functions. Any recovery in an action or any recovery by any person in one or more of any actions against the corporation, its directors, employees, or agents shall not exceed one hundred thousand dollars ($100,000) per plaintiff in the absence of fraud or willful misconduct. In the absence of fraud or willful misconduct, the directors are not personally liable to any party on account of any action (whether tort or otherwise) arising from or related to the manner or terms of the disposition of the corporation's assets, nor shall the manner or terms of the disposition constitute a defense to any obligation owed to the corporation.History of Section.P.L. 1991, ch. 3, § 4.
RI Gen L § 42-116-32 (2021)
2021 Rhode Island General Laws|Title 42 - State Affairs and Government|Chapter 42-116 - Rhode Island Depositors Economic Protection Corporation|Section 42-116-32 - Corporation's right to subrogation.

§ 42-116-32. Corporation's right to subrogation.(a) Any depositor who receives payments under this chapter is deemed to have assigned to the corporation all rights, claims, and causes of action which he or she may have (1) against any eligible institution, (2) against any officers, directors, employees, or agents of the institution, and (3) against any person who performs or who has performed any financial audit or examination of the institution or who performs or who has performed other professional services for the institution, to the extent and in the full amount of those payments. The corporation may require the execution of a document evidencing and setting forth the terms of the aforesaid assignment, as a condition precedent to his or her receipt of payments under this chapter.(b) The subrogation rights of the corporation under this section shall have the same priority against the assets of the eligible institution or any of the other persons listed in subsection (a) as that possessed by the depositor entitled to receive payments under this chapter.(c) Nothing in this section shall be construed:(1) To extinguish, diminish, abrogate or assign any rights, claims or causes of action which a depositor may have against (i) any eligible institution, (ii) any officers, directors, employees, or agents of the institution, or (iii) any person who performs or who has performed any financial audit or examination of the institution or who performs or who has performed other professional services for the institution, for any losses, of any nature whatsoever, in excess of the amount of the payments received by the depositor from the corporation under this chapter; or(2) To extinguish, diminish, change, or affect the civil liability or the criminal culpability of (i) any eligible institution, (ii) any officers, directors, employees or agents of any eligible institution, or (iii) any person who performs or who has performed any financial audit or examination of an institution or who performs or who has performed other professional services for an institution.History of Section.P.L. 1991, ch. 3, § 4.
RI Gen L § 42-116-33 (2021)
2021 Rhode Island General Laws|Title 42 - State Affairs and Government|Chapter 42-116 - Rhode Island Depositors Economic Protection Corporation|Section 42-116-33 - Performance review committee.

§ 42-116-33. Performance review committee.(a) There is created a seven (7) member performance review committee. The members shall be: (1) the governor or his or her designee; (2) the speaker of the house of representatives or his or her designee; (3) the president of the senate or his or her designee; (4) a minority party member of the general assembly to be designated by the minority leader of the house of representatives and the minority leader of the senate acting jointly; (5) one member selected by the board of directors of the Rhode Island Society of Certified Public Accountants; (6) one member selected by the board of directors of the Rhode Island Association of Realtors, Inc.; and (7) one member who shall be a depositor selected by the joint committee on small business.(b) The committee shall meet and issue its biannual reports by February 15th and August 15th of each year. The document shall contain the following:(1) Information regarding the disposition of the assets and liabilities of the corporation;(2) Information regarding the interest and income, if any, earned by the corporation and the administrative expenses of the corporation;(3) Information, which updates projections as regards cash inflow and outflow;(4) Information as to the general fiscal condition of the state and how that condition relates to the activities and operation of the corporation;(5) Information as to the principal amount of outstanding bonded indebtedness;(6) A review, which considers subdivisions (1) — (5), of the schedule of payments and a recommendation as to the acceleration or modification of the schedule;(7) A recommendation, if any, as to necessary and appropriate legislation; and(8) A brief summary of the document shall be published in a newspaper of general circulation within the state on two (2) successive days.History of Section.P.L. 1991, ch. 3, § 4; P.L. 1993, ch. 251, § 1; P.L. 1994, ch. 6, § 1; P.L. 2001, ch. 180, § 130; P.L. 2006, ch. 216, § 53.
RI Gen L § 42-116-34 (2021)
2021 Rhode Island General Laws|Title 42 - State Affairs and Government|Chapter 42-116 - Rhode Island Depositors Economic Protection Corporation|Section 42-116-34 - Severability.

§ 42-116-34. Severability.The provisions of this chapter are severable, and if any provision of this chapter is held invalid in any circumstances, that invalidity shall not affect any other provisions or circumstances. This chapter shall be construed in all respects so as to meet any constitutional requirements. In carrying out the purposes and provisions of this chapter, all steps shall be taken which are necessary to meet constitutional requirements. This chapter shall be construed liberally in aid of its purpose and legislative findings.History of Section.P.L. 1991, ch. 3, § 4.
RI Gen L § 42-116-35 (2021)
2021 Rhode Island General Laws|Title 42 - State Affairs and Government|Chapter 42-116 - Rhode Island Depositors Economic Protection Corporation|Section 42-116-35 - Excess interest forfeiture.

§ 42-116-35. Excess interest forfeiture.Any person or entity who entered into an agreement with any institution subject to receivership pursuant to the Rhode Island Depositors Economic Protection Act for an interest rate above the highest publicly posted rate forfeits all of that interest in excess of the posted rate from the date of initial deposit.History of Section.P.L. 1991, ch. 3, § 4.
RI Gen L § 42-116-36 (2021)
2021 Rhode Island General Laws|Title 42 - State Affairs and Government|Chapter 42-116 - Rhode Island Depositors Economic Protection Corporation|Section 42-116-36 - Recording certain transfer documents.

§ 42-116-36. Recording certain transfer documents.If the corporation receives or makes an assignment, conveyance or other transfer of commercial paper consisting of negotiable or non-negotiable instruments or contracts that are secured by any mortgage, assignment of rents, profits, or income of real estate, security interests in fixtures or personal property or other instruments or documents that provide collateral security for the commercial paper, the officer responsible for the recording of deeds or other instruments in the records of each city or town where the original instruments or documents that granted the collateral security were recorded shall accept for recording a duly executed and acknowledged general assignment, conveyance, or other transfer from or to the corporation which identifies the transferor and the transferee without requiring a separate document or instrument to be recorded to evidence the transfer, conveyance, or assignment of each individual item of collateral security or a reference to the book and page where each recorded instrument affected by the transfer was recorded. The general assignment, conveyance, or transfer shall be constructive notice to all persons of the assignment, conveyance, or transfer to or from the corporation.History of Section.P.L. 1992, ch. 9, § 4.
RI Gen L § 42-116-37 (2021)
2021 Rhode Island General Laws|Title 42 - State Affairs and Government|Chapter 42-116 - Rhode Island Depositors Economic Protection Corporation|Section 42-116-37 - Use of funds.

§ 42-116-37. Use of funds.Notwithstanding the provisions of any general or special law to the contrary, from and after March 1, 1992, payment of funds of the corporation to any depositor of the Central Credit Union, the Marquette Credit Union, the Banner Loan and Investment Corporation, the Rhode Island Central Credit Union, the East Providence Credit Union, the Providence Teachers Credit Union, the Columbian Credit Union, the Greater Providence Deposit Corporation, Greater Providence Trust Company and Community-Loan and Investment Bank, the Davisville Credit Union or the Chariho-Exeter Credit Union in respect of deposit liabilities (whether by the corporation or the receiver of the eligible institution) shall be made only pursuant to the provisions of § 42-116-12 and/or in connection with transactions authorized by § 42-116-6(10) which result in the acquisition of federal deposit insurance with respect to any deposit liabilities (or any deposit obligations issued in full or partial satisfaction thereof), of the aforementioned eligible institutions, whether from the National Credit Union Administration or the Federal Deposit Insurance Corporation.History of Section.P.L. 1992, ch. 9, § 4.
RI Gen L § 42-116-38 (2021)
2021 Rhode Island General Laws|Title 42 - State Affairs and Government|Chapter 42-116 - Rhode Island Depositors Economic Protection Corporation|Section 42-116-38 - Depositor's advisory board.

§ 42-116-38. Depositor's advisory board.(a) There is created a three (3) member depositor's advisory board. Members of the board shall be depositors in financial institutions which were closed as of January 1, 1991, and which are currently in receivership. One member shall be appointed by the house majority leader. One member shall be appointed by the president of the senate. One member shall be appointed by the governor. Each member shall serve a term of two (2) years as his or her successor is appointed. Members of the board shall serve without compensation. It shall be the role of the depositor's advisory board to give advice to the Rhode Island depositors economic protection corporation concerning rules and regulations and legislation affecting the banking crisis; to study the effects, both long term and short term, of the banking crisis; to recommend to the corporation special studies and projects which it feels are needed to expedite a solution to the banking crisis. The board shall report its findings to the governor in January of each year.(b) The board shall, at regular intervals, conduct business meetings for the purpose of carrying out its general business, and the meetings shall be open to the public and all records and minutes will be a matter of public record.History of Section.P.L. 1992, ch. 9, § 4; P.L. 2001, ch. 180, § 130.
RI Gen L § 42-116-39 (2021)
2021 Rhode Island General Laws|Title 42 - State Affairs and Government|Chapter 42-116 - Rhode Island Depositors Economic Protection Corporation|Section 42-116-39 - Payment of commission costs.

§ 42-116-39. Payment of commission costs.(a) From time to time, after submission to the corporation by the commission of properly authenticated invoices for commission costs, together with other documentation substantiating and describing in detail as the corporation may reasonably request and after review by the auditor general, the corporation shall pay or cause to be paid the approved commission costs, but in no event shall the corporation pay or be liable for commission costs and expenses in the aggregate of no more than three million eight hundred thousand dollars ($3,800,000). The corporation is entitled to obtain, have access to, and use in its absolute discretion all materials, documents, instruments, investigations, data, information, and knowledge obtained, provided for or produced in connection with the work of the commission and has the right to employ for its own purposes the services of any of the accountants, consultants, or investigators employed by the commission at its own expense.(b) The corporation is subrogated to all rights, claims, and causes of action which the commission may have against any person who performs services or supplies goods to the commission. Nothing in this section, however, shall be deemed to grant to the corporation any right to direct or control the activities of the commission.History of Section.P.L. 1992, ch. 112, § 2.
RI Gen L § 42-116-40 (2021)
2021 Rhode Island General Laws|Title 42 - State Affairs and Government|Chapter 42-116 - Rhode Island Depositors Economic Protection Corporation|Section 42-116-40 - Court-approved settlements.

§ 42-116-40. Court-approved settlements.(a) Notwithstanding any provisions of law to the contrary, a person, corporation, or other entity who has resolved its liability to the Rhode Island depositors economic protection corporation, the receiver of Rhode Island share and deposit indemnity corporation or the receiver of any state-chartered financial institution in a judicially-approved good faith settlement is not liable for claims for contribution or equitable indemnity regarding matters addressed in the settlement. The settlement does not discharge any other joint tortfeasors unless its terms provide, but it reduces the potential liability of the joint tortfeasors by the amount of the settlement.(b) The provisions of this section apply solely and exclusively to settlements of liabilities to the Rhode Island depositors economic protection corporation, the receiver of the Rhode Island share and deposit indemnity corporation and the receiver of any other state-chartered financial institution and shall not be construed to amend or repeal the provisions of chapter 6 of title 10 relating to contributions among joint tortfeasors, other than as specifically provided in this section.History of Section.P.L. 1993, ch. 85, § 1; P.L. 2006, ch. 216, § 53.