2013 -- H 6331

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LC02940

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STATE OF RHODE ISLAND

IN GENERAL ASSEMBLY

JANUARY SESSION, A.D. 2013

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A N A C T

RELATING TO STATE AFFAIRS AND GOVERNMENT - RHODE ISLAND ECONOMIC

DEVELOPMENT CORPORATION

     Introduced By: Representatives Lima, Casey, Abney, McNamara, and Lombardi

     Date Introduced: July 03, 2013

     Referred To: House Finance

It is enacted by the General Assembly as follows:

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     SECTION 1. Section 42-64-6 of the General Laws in Chapter 42-64 entitled "Rhode

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Island Economic Development Corporation" is hereby amended to read as follows:

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     42-64-6. General powers. -- (a) Except to the extent inconsistent with any specific

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provision of this chapter, the Rhode Island economic development corporation shall have the

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power:

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      (1) To sue and be sued, complain and defend, in its corporate name.

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      (2) To have a seal, which may be altered at pleasure and to use the seal by causing it, or

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a facsimile of the seal, to be impressed or affixed, or in any other manner reproduced.

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      (3) To purchase, take, receive, lease, or otherwise acquire, own, hold, improve, use, and

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otherwise deal in and with, real or personal property, or any interest in real or personal property,

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wherever situated.

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      (4) To sell, convey, mortgage, pledge, lease, exchange, transfer, and otherwise dispose of

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all or any part of its property and assets for any consideration and upon any terms and conditions

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as the corporation shall determine.

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      (5) To make contracts and guarantees and incur liabilities, borrow money at any rates of

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interest as the corporation may determine.

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      (6) To make and execute agreements of lease, conditional sales contracts, installment

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sales contracts, loan agreements, mortgages, construction contracts, operation contracts, and other

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contracts and instruments necessary or convenient in the exercise of the powers and functions of

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the corporation granted by this chapter.

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      (7) To lend money for its purposes, invest and reinvest its funds, and at its option to take

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and hold real and personal property as security for the payment of funds so loaned or invested.

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      (8) To acquire or contract to acquire, from any person, firm, corporation, municipality,

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the federal government, or the state, or any agency of either the federal government or the state,

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by grant, purchase, lease, gift, condemnation, or otherwise, or to obtain options for the acquisition

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of any property, real or personal, improved or unimproved, and interests in land less than the fee

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thereof; and to own, hold, clear, improve, develop, and rehabilitate, and to sell, assign, exchange,

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transfer, convey, lease, mortgage, or otherwise dispose or encumber that property for the

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purposes of carrying out the provisions and intent of this chapter, for any consideration as the

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corporation shall determine.

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      (9) To conduct its activities, carry on its operations, and have offices and exercise the

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powers granted by this chapter, within or outside of the state.

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      (10) To elect or appoint officers and agents of the corporation, and define their duties

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and fix their compensation.

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      (11) To make and alter by-laws, not inconsistent with this chapter, for the administration

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and regulation of the affairs of the corporation, and those by-laws may contain provisions

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indemnifying any person who is or was a director, officer, employee, or agent of the corporation,

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or is or was serving at the request of the corporation as a director, officer, employee, or agent of

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another corporation, partnership, joint venture, trust, or other enterprise, in the manner and to the

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extent provided in section 7-1.2-814 of the business corporation act.

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      (12) To be a promoter, partner, member, associate, or manager of any partnership,

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enterprise, or venture.

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      (13) To have and exercise all powers necessary or convenient to effect its purposes;

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provided, however, that the corporation shall not have any power to create, empower or otherwise

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establish any corporation, subsidiary corporation, corporate body, any form of partnership, or any

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other separate entity without the express approval and authorization of the general assembly.

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      (b) Express approval and authorization of the general assembly shall be deemed to have

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been given for all legal purposes on July 1, 1995 for the creation and lawful management of a

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subsidiary corporation created for the management of the Quonset Point/Davisville Industrial

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Park, that subsidiary corporation being managed by a board of directors, the members of which

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shall be constituted as follows: (1) two (2) members who shall be appointed by the town council

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of the town of North Kingstown; (2) two (2) members who shall be residents of the town of North

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Kingstown appointed by the governor; (3) four (4) members who shall be appointed by the

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governor; (4) the chairperson, who shall be the executive director of the Rhode Island economic

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development corporation; and (5) non-voting members who shall be the members of the general

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assembly whose districts are comprised in any part by areas located within the town of North

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Kingstown.

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      The approval and authorization provided herein shall terminate upon the establishment

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of the Quonset Development Corporation as provided for in chapter 64.10 of this title.

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     (c) The corporation shall be prohibited from hiring a public relations firm to enhance,

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shape and/or maintain its image.

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     SECTION 2. This act shall take effect upon passage.

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LC02940

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EXPLANATION

BY THE LEGISLATIVE COUNCIL

OF

A N A C T

RELATING TO STATE AFFAIRS AND GOVERNMENT - RHODE ISLAND ECONOMIC

DEVELOPMENT CORPORATION

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     This act would prohibit the Rhode Island economic development corporation from hiring

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a public relations firm.

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     This act would take effect upon passage.

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LC02940

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