reglab/housing_qa huggingface dataset:
RI Gen L § 42-116-2 (2021)
2021 Rhode Island General Laws|Title 42 - State Affairs and Government|Chapter 42-116 - Rhode Island Depositors Economic Protection Corporation|Section 42-116-2 - Legislative findings.

§ 42-116-2. Legislative findings.(a) It is found that certain credit unions, loan and investment companies, and bank and trust companies organized and existing under the laws of the state whose deposits were previously insured by the Rhode Island share and deposit indemnity corporation, are presently unable and in the foreseeable future will be unable to obtain deposit insurance required by § 19-11-9.(b) It is further found that the director of the department of business regulation may apply to place a number of the financial institutions described above into receivership pursuant to chapter 15 of title 19.(c) It is further found that the interests of the citizens of the state may be protected best by the establishment of a corporation to purchase certain assets of the financial institutions, the consideration for the purchases to include the payment to the depositors of the institutions certain amounts in respect of their deposit liabilities upon those terms and conditions that the corporation deems advisable.(d) It is further found that the establishment of a corporation is necessary to the essential public purposes of protecting the depositors of the financial institutions, providing stability for financial institutions, promoting the welfare of the people of the state, and improving the economic welfare of the people of the state.(e) The purpose of this chapter is to establish the Rhode Island depositors economic protection corporation, with the power and authority to acquire all or a portion of the assets of the financial institutions upon those terms and conditions that the corporation deems advisable the consideration for which may include payment to the depositors of the institutions of certain amounts in respect of their deposit liabilities, which acquisition is intended to aid the prompt payment of the deposit liabilities of the financial institutions to each depositor to the extent and in the manner as the corporation determines. In carrying out its purpose, the corporation seeks to:(1) Maximize the return from the sale or other disposition of the assets of the corporation;(2) Minimize the impact of those transactions on local real estate and financial markets; and(3) Make efficient use of funds obtained from the proceeds of the assets or from the state.(f) Further, the investigation by the select commission to investigate the failure of RISDIC insured financial institutions is helpful to the people of the state in the determination and the disclosure of the facts surrounding the failure of the RISDIC insured financial institutions and the continuance of the work of the commission may be delayed or impaired unless the costs and expenses of the commission are funded and the work of the commission may assist the corporation in its public purpose of helping depositors.History of Section.P.L. 1991, ch. 3, § 4; P.L. 1992, ch. 112, § 1.
RI Gen L § 42-116-5.1 (2021)
2021 Rhode Island General Laws|Title 42 - State Affairs and Government|Chapter 42-116 - Rhode Island Depositors Economic Protection Corporation|Section 42-116-5.1 - Sale of property.

§ 42-116-5.1. Sale of property.Notwithstanding any other provision of this chapter, the corporation shall not sell or convey any property valued at more than five hundred dollars ($500) unless and until the buyers of the property disclose their identity in a public record. For the purposes of this section, the term "identity" shall be construed as all shareholders of corporations, which are not publicly held, all general and limited partners of partnerships, and in the case of a limited liability company, all officers, managers and members of the company.History of Section.P.L. 1993, ch. 199, § 1.
RI Gen L § 42-116-8 (2021)
2021 Rhode Island General Laws|Title 42 - State Affairs and Government|Chapter 42-116 - Rhode Island Depositors Economic Protection Corporation|Section 42-116-8 - Officers.

§ 42-116-8. Officers.(a) An executive director, who shall be a person professionally skilled and experienced in law, finance, or public administration, shall be appointed by the board of directors. An executive director may be removed at any time for cause by the board. The executive director shall administer the affairs of the corporation, including, without limiting the generality of the foregoing matters, contracting, asset administration, personnel and administration, under the supervision of the board in accordance with those authorizations that the board may from time to time reasonably adopt and continue in force. The board may also appoint persons to hold the offices of secretary and the treasurer to the corporation, including assistant secretaries and assistant treasurers in whom may be vested any of the powers of the secretary and the treasurer, respectively, or may appoint a director or employee of the corporation to exercise those duties. The secretary shall be the custodian of the seal and of the books and records of the corporation and shall keep a record of the proceedings of the board of directors. The secretary may cause copies to be made of all minutes and other records and documents of the corporation and may give certificates under its official seal to the effect that the copies are true copies and all persons dealing with the corporation may rely upon these certificates. The treasurer has charge of the books of account and accounting records of the corporation and is responsible under the supervision of the executive director for financial control for the corporation. Upon the recommendation of the executive director, the board shall also appoint and establish compensation, benefits, and other terms of employment for other officers and employees of the corporation that it deems reasonable and necessary. Officers and employees of the corporation, other than the executive director, serve at the pleasure of the board or under contracts of employment; provided, however, that no contract of employment, except for that of the executive director, exceeds a term of three (3) years, which may be renewed upon the expiration for successive terms. No person employed by the board is subject to the provisions of the classified service.(b) Present or past directors, officers, employees, or agents of the corporation may be indemnified by the corporation to the extent allowed by and in accordance with the indemnification provisions applicable to nonprofit corporations pursuant to § 7-6-6. The corporation shall be a public body for purposes of § 9-1-31.1.History of Section.P.L. 1991, ch. 3, § 4.
RI Gen L § 42-116-9 (2021)
2021 Rhode Island General Laws|Title 42 - State Affairs and Government|Chapter 42-116 - Rhode Island Depositors Economic Protection Corporation|Section 42-116-9 - Ethics.

§ 42-116-9. Ethics.(a) Each director, officer and employee of the corporation is deemed to be an employee of the governor for purposes of Executive Order No. 91-1, dated January 1, 1991, as amended from time to time, and for the purposes of the Rhode Island Code of Ethics in Government, §§ 36-14-4 — 36-14-7.(b) To the extent that the rules established under this subsection conflict with the rules of other agencies or government corporations, officers, directors and employees of the corporation, who are also subject to the conflict of interest or ethical rules of another agency or government corporation, are governed by the rules and regulations established by the corporation under this subsection when acting for or on behalf of the corporation.(c) If any director, officer, or employee of the corporation is interested either directly or indirectly, or is a director, officer, or employee of or has an ownership interest (other than as the owner of less than one percent (1%) of the shares of a publicly-held corporation) in any firm or corporation interested directly or indirectly in any contract with the corporation, that interest shall be disclosed to the corporation and set forth in the minutes of the corporation, and the director, officer, or employee having that interest shall not participate on behalf of the corporation in the authorization of any contract. Interested directors may be counted in determining the presence of a quorum at a meeting of the board of directors of the corporation, which authorizes the contract or transaction.History of Section.P.L. 1991, ch. 3, § 4.
RI Gen L § 42-116-10 (2021)
2021 Rhode Island General Laws|Title 42 - State Affairs and Government|Chapter 42-116 - Rhode Island Depositors Economic Protection Corporation|Section 42-116-10 - Promulgation of regulations.

§ 42-116-10. Promulgation of regulations.(a) The corporation may adopt rules, regulations, standards, policies, procedures, guidelines, and statements necessary or incidental to the powers and purposes of the corporation. The corporation may issue any rules, regulations, standards, policies, procedures, guidelines, and statements that the corporation considers necessary or appropriate to carry out this chapter.(b) The corporation is subject to §§ 42-35-2 and 42-35-4(a), and shall by its rules provide for reasonable prior notice and comment by the public, in accordance with § 42-35-3(a)(1), except that the corporation is not required to effect the mailing of individual notice to interested persons. The foregoing notwithstanding, the corporation may adopt rules in accordance with the procedures set forth in § 42-35-3(b).(c) Contested matters shall be resolved by the corporation in accordance with § 42-35-9, and any person aggrieved by a final order of the commission is entitled to judicial review of that order in accordance with §§ 42-35-10 — 42-35-16.History of Section.P.L. 1991, ch. 3, § 4.
RI Gen L § 42-116-11 (2021)
2021 Rhode Island General Laws|Title 42 - State Affairs and Government|Chapter 42-116 - Rhode Island Depositors Economic Protection Corporation|Section 42-116-11 - Payment of state funds - Agreement between corporation and department.

§ 42-116-11. Payment of state funds — Agreement between corporation and department.(a) Subject to the provisions of subsection (b), upon the written request of the corporation, the general treasurer of the state shall pay to the corporation from time to time the proceeds of any bonds or notes issued by the state for the purposes of this chapter, any appropriations of the state made for the benefit of the corporation, or any other funds lawfully payable by the state to the corporation, or any revenues dedicated to corporate purposes.(b) The executive director of the corporation, with the approval of the board and the governor on behalf of the state, may enter into, execute, and deliver one or more agreements with the corporation setting forth or otherwise determining the terms, conditions and procedures for, and the amount, time, and manner of payment of, all amounts available from the state to the corporation under this section. The agreement or agreements may include any covenants and undertakings of the state and the corporation that the governor and the corporation deem reasonable.History of Section.P.L. 1991, ch. 3, § 4.
RI Gen L § 42-116-12.1 (2021)
2021 Rhode Island General Laws|Title 42 - State Affairs and Government|Chapter 42-116 - Rhode Island Depositors Economic Protection Corporation|Section 42-116-12.1 - Distribution of funds in individual retirement accounts.

§ 42-116-12.1. Distribution of funds in individual retirement accounts.(a) Prior to the distribution of depositors' funds in individual retirement accounts in accordance with § 42-116-12, the corporation shall provide depositors with the option of receiving the funds on deposit or transferring the funds to a federally insured institution or other individual retirement account that meets the Internal Revenue Code, 26 U.S.C. § 1 et seq., in accordance with applicable federal tax law and regulations.(b) The corporation shall mail a form to all depositors with funds on deposit in individual retirement accounts thirty (30) days prior to the distribution of the funds in accordance with § 42-116-12. The form shall include: a statement that under current federal law, an account holder who receives proceeds from an individual retirement account, prematurely, prior to age fifty-nine (59) years, six (6) months, generally pays a ten percent (10%) penalty; an election by the depositor to receive the funds in accordance with the schedule of payments in § 42-116-12 or have the funds transferred to an institution designated by the depositor, and shall provide that the signature of the depositor shall constitute an authorization to transfer funds. The corporation shall also mail a copy of the form authorization to the designated financial institution.History of Section.P.L. 1991, ch. 426, § 1.
RI Gen L § 42-116-14 (2021)
2021 Rhode Island General Laws|Title 42 - State Affairs and Government|Chapter 42-116 - Rhode Island Depositors Economic Protection Corporation|Section 42-116-14 - Refunding bonds.

§ 42-116-14. Refunding bonds.The corporation may issue refunding bonds for the purpose of paying any of its bonds issued pursuant to this chapter at or prior to maturity or upon acceleration or redemption or purchase and retirement. Refunding bonds may be issued at any times at or prior to the maturity, redemption, or purchase and retirement of the refunded bonds as the board of directors deems to be in the interest of the corporation. Refunding bonds may be issued in sufficient amounts to pay or provide for payment of the principal of the bonds being refunded, together with any redemption premium on these bonds, any interest or discount accrued or to accrue to the date of payment of these bonds, the costs of issuance of the refunding bonds, the expenses of paying, redeeming, or purchasing the bonds being refunded, the costs of holding and investing proceeds of refunding bonds pending the payment, redemption or purchase and the reserves for debt service or other expenses from the proceeds of these refunding bonds as may be required by a trust agreement securing the bonds. Pending application, the proceeds of the refunding bonds may be placed in escrow. The issue and sale of refunding bonds, the maturities and other details of the bonds, the security for the bonds, the rights of their holders, and the rights, duties, and obligations of the corporation in respect of the refunding bonds are governed by the provisions of this chapter relating to the issue of bonds other than refunding bonds insofar as that may be applicable.History of Section.P.L. 1991, ch. 3, § 4.
RI Gen L § 42-116-15 (2021)
2021 Rhode Island General Laws|Title 42 - State Affairs and Government|Chapter 42-116 - Rhode Island Depositors Economic Protection Corporation|Section 42-116-15 - Bonds eligible for investment.

§ 42-116-15. Bonds eligible for investment.Bonds issued by the corporation under this chapter are made securities in which all public officers and agencies of the state and its political subdivisions, all insurance companies, trust companies in their commercial departments, savings banks, cooperative banks, banking associations, investment companies, executors, administrators, trustees, and other fiduciaries may properly invest funds, including capital in their control or belonging to them. These bonds are made securities which may properly be deposited with and received by any state or municipal officer of any corporation or political subdivision of the state for any purpose for which the deposit of bonds or obligations of the state or any political subdivision is now or may hereafter be authorized by law.History of Section.P.L. 1991, ch. 3, § 4.
RI Gen L § 42-116-16 (2021)
2021 Rhode Island General Laws|Title 42 - State Affairs and Government|Chapter 42-116 - Rhode Island Depositors Economic Protection Corporation|Section 42-116-16 - No additional consent required.

§ 42-116-16. No additional consent required.Except as provided in this section, bonds may be issued under this chapter without obtaining the consent of any executive office, department, division, commission, board, bureau, or corporation of the state or any political subdivision of the state, and without any other proceedings or the happening of any condition or acts other than those proceedings, conditions or acts which are specifically required in this chapter or under any applicable bond act, and the validity of and security for any bonds issued by the corporation pursuant to this chapter shall not be affected by the existence or nonexistence of any consent or other proceedings, conditions, or acts.History of Section.P.L. 1991, ch. 3, § 4.
RI Gen L § 42-116-17 (2021)
2021 Rhode Island General Laws|Title 42 - State Affairs and Government|Chapter 42-116 - Rhode Island Depositors Economic Protection Corporation|Section 42-116-17 - Bonds not obligations of the state.

§ 42-116-17. Bonds not obligations of the state.Bonds issued by the corporation under the provisions of this chapter are not deemed to be a debt, obligation (moral or otherwise), or a pledge of the faith and credit of the state or of any of its political subdivisions, but shall be payable solely from the revenues, funds, assets, and other property or any revenues or loans dedicated to corporate purposes of the corporation from which they are made payable pursuant to this chapter. Bonds issued by the corporation under the provisions of this chapter shall recite that neither the state nor any political subdivisions of the state shall be obligated to pay the bonds and that the faith and credit of the state or of any political subdivision of the state is not pledged to the payment of the principal of or interest on the bonds. Further, every bond shall recite whether it is a general obligation of the corporation or a special obligation of the corporation payable solely from particular revenues, funds, assets, or other property pledged to its payment.History of Section.P.L. 1991, ch. 3, § 4.
RI Gen L § 42-116-18 (2021)
2021 Rhode Island General Laws|Title 42 - State Affairs and Government|Chapter 42-116 - Rhode Island Depositors Economic Protection Corporation|Section 42-116-18 - Lien status - Recording.

§ 42-116-18. Lien status — Recording.(a) Notwithstanding any provision of any other law, including the Uniform Commercial Code, title 6A of the general laws:(1) Any pledge or assignment of revenues of any kind, funds, loan agreements, property, or assets made pursuant to the provisions of this chapter by the corporation is valid and binding against all parties having claims of any kind in tort, contract, or otherwise, whether or not the parties have notice of these claims, and is deemed continuously perfected from the time it is made;(2) No filing of any kind with respect to the pledge or assignment need be made under the Uniform Commercial Code, title 6A of the general laws, as amended, or otherwise;(3) Unless otherwise provided in the loan agreement, a pledge of revenues of any kind is deemed to include a pledge of any accounts or general intangibles from which the pledged revenues are derived, whether existing at the time of the pledge or thereafter coming into existence and whether held at the time of the pledge or thereafter acquired by the corporation and the proceeds of the accounts or general intangibles; and(4) The pledge of revenues of any kind, accounts, and general intangibles is subject to the lien of the pledge without delivery or segregation and the lien of the pledge is valid and binding against all parties having claims of contract or tort or otherwise against the corporation.(b) A pledge of revenues of any kind under this chapter constitutes a sufficient appropriation of revenues for the purposes of any provision for appropriation and the revenues may be applied as required by the pledge without further appropriation.(c) For the purposes of this section the word "pledge" is construed to include the grant of a security interest under the Uniform Commercial Code, title 6A of the general laws.History of Section.P.L. 1991, ch. 3, § 4.
RI Gen L § 42-116-19 (2021)
2021 Rhode Island General Laws|Title 42 - State Affairs and Government|Chapter 42-116 - Rhode Island Depositors Economic Protection Corporation|Section 42-116-19 - Investment securities.

§ 42-116-19. Investment securities.Notwithstanding any of the provisions of this chapter or any recitals in any bonds issued hereunder, all such bonds are deemed to be investment securities under the Uniform Commercial Code, title 6A of the general laws.History of Section.P.L. 1991, ch. 3, § 4.
RI Gen L § 42-116-20 (2021)
2021 Rhode Island General Laws|Title 42 - State Affairs and Government|Chapter 42-116 - Rhode Island Depositors Economic Protection Corporation|Section 42-116-20 - Trust fund.

§ 42-116-20. Trust fund.All moneys and other property of any nature or description received by the corporation pursuant to the provisions of this chapter, whether as proceeds from the issuance of bonds or as revenues or otherwise, and all income of any nature or description derived directly or indirectly therefrom, are deemed to be trust funds to be held and applied solely as provided in this chapter.History of Section.P.L. 1991, ch. 3, § 4.
RI Gen L § 42-116-21 (2021)
2021 Rhode Island General Laws|Title 42 - State Affairs and Government|Chapter 42-116 - Rhode Island Depositors Economic Protection Corporation|Section 42-116-21 - Authorization to accept appropriated monies.

§ 42-116-21. Authorization to accept appropriated monies.(a) The corporation is authorized to accept any monies that may be appropriated from time to time by the general assembly for effectuating its corporate purposes including, without limitation, the payment of the initial expenses of administration and operation of the corporation and the establishment of reserves or contingency funds to be available for the payment of the principal of and the interest on any bonds, notes, certificates or other obligation of the corporation.(b) The corporation is authorized to participate in any federal plan designed to alleviate a banking crisis and to accept any federal funds made available for that purpose.History of Section.P.L. 1991, ch. 3, § 4.
RI Gen L § 42-116-22 (2021)
2021 Rhode Island General Laws|Title 42 - State Affairs and Government|Chapter 42-116 - Rhode Island Depositors Economic Protection Corporation|Section 42-116-22 - Assistance by state officers, departments, boards and commissions.

§ 42-116-22. Assistance by state officers, departments, boards and commissions.All state agencies, departments, boards, and commissions may render those services to the corporation within their respective functions as may be requested by the corporation.History of Section.P.L. 1991, ch. 3, § 4.
RI Gen L § 42-116-23 (2021)
2021 Rhode Island General Laws|Title 42 - State Affairs and Government|Chapter 42-116 - Rhode Island Depositors Economic Protection Corporation|Section 42-116-23 - Certain agreements.

§ 42-116-23. Certain agreements.No agreement which tends to diminish or defeat the interest of the corporation in any asset acquired by it under this chapter is valid against the corporation unless the agreement:(1) Is in writing;(2) Was executed by the eligible institution and any person claiming an adverse interest thereunder, including the obligor, contemporaneously with the acquisition of the asset by the eligible institution;(3) Was approved by the board of directors of the eligible institution or its loan committee; which approval is reflected in the minutes of the board or committee; and(4) Has been, continuously, from the time of its execution, an official record of the eligible institution.History of Section.P.L. 1991, ch. 3, § 4.