It is enacted by the General Assembly as follows:
SECTION 1. Block Island Conservancy, Inc. a nonbusiness corporation, incorporated under the general laws of this state on October 6, 1972, is hereby authorized to take, hold, transmit and convey real, mixed, and personal estate to an amount not exceeding fifteen million dollars ($15,000,000) so long as said estate shall be used for the purposes for which said corporation was incorporated.
SECTION 2. This act shall take effect upon passage.