Title 42
State Affairs and Government

Chapter 116
Rhode Island Depositors Economic Protection Corporation

§ 42-116-5. General powers of corporation.

(a) The corporation has all of the powers to do all of the things necessary and convenient to carry out and effectuate the purposes and provisions of this chapter, including, without limiting the generality of the foregoing, the powers:

(1) To adopt and amend bylaws for the governance of its affairs, the administration of its assets, and the conduct of its business;

(2) To adopt an official seal;

(3) To maintain an office at a place or places it may determine;

(4) To adopt a fiscal year which coincides with the state’s fiscal year;

(5) To adopt and enforce procedures, regulations, and rules in connection with the performance of its functions and duties;

(6) To sue in any court of competent jurisdiction, to prosecute and defend actions relating to its property and affairs; provided, however, that the corporation is not authorized to become a debtor under the United States Bankruptcy Code;

(7) To employ personnel and to engage accounting, management, legal, financial, consulting, and other professional services;

(8) To receive and apply its revenues in furtherance of the purposes of this chapter, or the exercise of its powers, and payment of all costs incurred in connection therewith without appropriation or allotment by the state or any political subdivision thereof;

(9) To borrow money, including short term start up borrowing from the state;

(10) To issue bonds and apply the proceeds thereof as provided in this chapter and to pledge or assign or create security interests in assets, revenues, funds, and other property of the corporation and otherwise as provided in this chapter to pay or secure such bonds;

(11) To deposit, invest, and reinvest any funds held in reserves, or any revenues or funds not required for immediate disbursement, in depository institutions and/or investments, obligations and securities, respectively, as may be legal and prudent investments for funds of the state, and pay fees thereof and receive interest thereon;

(12) To obtain insurance including fidelity bonds for employees and to enter into agreements of indemnification necessary or convenient to the exercise of its powers under this chapter;

(13) To apply for, receive, administer, and comply with the conditions and requirements respecting any grant, gift, or appropriation of property, services, or moneys;

(14) To enter into contracts, arrangements, and agreements with other persons, and to modify or consent to the modification of any of the foregoing to which the corporation is a party or in which the corporation has an interest under this chapter, and execute and deliver all instruments necessary or convenient to the exercise of its powers under this chapter;

(15) To authorize a representative to appear on its own behalf before other public bodies in all matters relating to its powers and purposes;

(16) To acquire, own, redeem, lease as tenant, or hold real, personal, intangible, or mixed property or any interest in property and to exercise all of the usual incidents of ownership of property necessary and convenient to the operations of the corporation; and to collect, realize upon, foreclose, settle, release, improve, rehabilitate, sell, compromise, assign, exchange, lease as landlord, mortgage, or otherwise dispose of or encumber the property; and

(17) To exercise those powers granted to corporations organized under chapter 1.2 of title 7.

(b) Notwithstanding any other provision of this chapter, the corporation shall not have the power of a bank or trust company within the jurisdiction or under the control of the department of business regulation of the state, or its director, the comptroller of the currency of the United States or the Treasury Department of the United States.