SECTION 1. The time within which the UNITED STATES CHALLENGE CUP, INC., incorporated July 9, 1987 shall file the reports for the years 1988, 1989, 1990, 1991, 1992, 1993, 1994, 1995, 1996, 1997, 1998, 1999, 2000, 2001 and 2002 as required under the provisions of section 7-6-90 of the general laws of Rhode Island, 1956, is hereby extended to the 31^st day of December, A.D., 2002. If said corporation shall file in the office of the secretary of state before December 31, 2002, the reports which it should have filed in the said years and shall pay to the secretary of state the filing fees therefor, having previously thereto paid to the general treasurer for the use of the state such sum as the attorney general shall decide should be paid by said corporation as a compromise for the penalty or penalties for its failure to file such reports then the forfeiture or revocation of the charter of said corporation shall thereupon, to wit, upon the filing of said reports and the payment of said fees, be vacated and said corporation shall thereupon be entitled to all of the privileges, benefits and powers and subject to the same duties and liabilities as though no forfeiture or revocation of its said charter had taken place.

SECTION 2. This act shall take effect upon passage.