A N A C T
REINSTATING AND RESTORING FORFEITED OR REVOKED CORPORATE CHARTERS
It is enacted by the General Assembly as follows:
SECTION 1. The revocation of the charters of those business corporations enumerated in section 3 hereof, which are required by law to file annual reports with the secretary of state, shall be vacated. Said corporation shall be entitled to all privileges, benefits, and powers, and shall be subject to all of the same duties and liabilities as though no revocation of their charters had taken place if, on or before December 31, 2001, said corporation shall: (1) file any corporation tax returns as may be required; (2) pay all taxes which were due or should have been due to the state; (3) file with the secretary of state a certificate signed by the tax administrator that such tax returns have been filed and such taxes have been paid; and (4) also file all reports and pay all fees which may be required by the secretary of state.
SECTION 2. The forfeiture or revocation of the charters of those nonprofit corporations enumerated in section 3, hereof, which are required by law to file biennial and/or annual reports with the secretary of state, shall be vacated. Said corporations, subject to chapter 7-6, as amended, of the general laws, entitled the "Rhode Island Nonprofit Corporation Act" notwithstanding any provisions of the law to the contrary, shall file all reports and pay all fees which may be required by the secretary of state, and also pay to the general treasurer for the use of the state such sum as the attorney general shall decide should be paid by said corporations, as a compromise of the penalty or penalties for such failure to file such reports.
SECTION 3. The provisions of this act shall apply to the following corporations:
New Idea Realty Company - 1911 -- Profit Senator Garabedian
SECTION 4. This act shall take effect upon passage.