Section 42-116-1. – Short title.
§ 42-116-1. Short title. This chapter shall be known as the “Rhode Island Depositors Economic Protection Act”. History of Section.P.L. 1991, ch. 3, § 4.
Section 42-116-10. – Promulgation of regulations.
§ 42-116-10. Promulgation of regulations. (a) The corporation may adopt rules, regulations, standards, policies, procedures, guidelines, and statements necessary or incidental to the powers and purposes of the corporation. The corporation may issue any rules, regulations, standards, policies, procedures, guidelines, and statements that the corporation considers necessary or appropriate to carry out this chapter. (b) […]
Section 42-116-11. – Payment of state funds — Agreement between corporation and department.
§ 42-116-11. Payment of state funds — Agreement between corporation and department. (a) Subject to the provisions of subsection (b), upon the written request of the corporation, the general treasurer of the state shall pay to the corporation from time to time the proceeds of any bonds or notes issued by the state for the […]
Section 42-116-12. – Payment of depositor’s claims.
§ 42-116-12. Payment of depositor’s claims. (a) Subject to the provisions of § 42-116-7(1) — (6), distributions from the corporation with respect to deposit liabilities assumed from eligible institutions shall be made in accordance with this section. (b) For the purposes of this section, each assumed deposit liability is the sum of the principal amount […]
Section 42-116-12.1. – Distribution of funds in individual retirement accounts.
§ 42-116-12.1. Distribution of funds in individual retirement accounts. (a) Prior to the distribution of depositors’ funds in individual retirement accounts in accordance with § 42-116-12, the corporation shall provide depositors with the option of receiving the funds on deposit or transferring the funds to a federally insured institution or other individual retirement account that […]
Section 42-116-13. – Bonds of the corporation.
§ 42-116-13. Bonds of the corporation. (a) The corporation may provide by resolution of the board for the issuance from time to time of bonds of the corporation for any of its corporate purposes or for the borrowing of money in anticipation of the issuance of these bonds. Bonds issued by the corporation may be […]
Section 42-116-14. – Refunding bonds.
§ 42-116-14. Refunding bonds. The corporation may issue refunding bonds for the purpose of paying any of its bonds issued pursuant to this chapter at or prior to maturity or upon acceleration or redemption or purchase and retirement. Refunding bonds may be issued at any times at or prior to the maturity, redemption, or purchase […]
Section 42-116-15. – Bonds eligible for investment.
§ 42-116-15. Bonds eligible for investment. Bonds issued by the corporation under this chapter are made securities in which all public officers and agencies of the state and its political subdivisions, all insurance companies, trust companies in their commercial departments, savings banks, cooperative banks, banking associations, investment companies, executors, administrators, trustees, and other fiduciaries may […]
Section 42-116-16. – No additional consent required.
§ 42-116-16. No additional consent required. Except as provided in this section, bonds may be issued under this chapter without obtaining the consent of any executive office, department, division, commission, board, bureau, or corporation of the state or any political subdivision of the state, and without any other proceedings or the happening of any condition […]
Section 42-116-17. – Bonds not obligations of the state.
§ 42-116-17. Bonds not obligations of the state. Bonds issued by the corporation under the provisions of this chapter are not deemed to be a debt, obligation (moral or otherwise), or a pledge of the faith and credit of the state or of any of its political subdivisions, but shall be payable solely from the […]
Section 42-116-18. – Lien status — Recording.
§ 42-116-18. Lien status — Recording. (a) Notwithstanding any provision of any other law, including the Uniform Commercial Code, title 6A of the general laws: (1) Any pledge or assignment of revenues of any kind, funds, loan agreements, property, or assets made pursuant to the provisions of this chapter by the corporation is valid and […]
Section 42-116-19. – Investment securities.
§ 42-116-19. Investment securities. Notwithstanding any of the provisions of this chapter or any recitals in any bonds issued hereunder, all such bonds are deemed to be investment securities under the Uniform Commercial Code, title 6A of the general laws. History of Section.P.L. 1991, ch. 3, § 4.
Section 42-116-2. – Legislative findings.
§ 42-116-2. Legislative findings. (a) It is found that certain credit unions, loan and investment companies, and bank and trust companies organized and existing under the laws of the state whose deposits were previously insured by the Rhode Island share and deposit indemnity corporation, are presently unable and in the foreseeable future will be unable […]
Section 42-116-20. – Trust fund.
§ 42-116-20. Trust fund. All moneys and other property of any nature or description received by the corporation pursuant to the provisions of this chapter, whether as proceeds from the issuance of bonds or as revenues or otherwise, and all income of any nature or description derived directly or indirectly therefrom, are deemed to be […]
Section 42-116-21. – Authorization to accept appropriated monies.
§ 42-116-21. Authorization to accept appropriated monies. (a) The corporation is authorized to accept any monies that may be appropriated from time to time by the general assembly for effectuating its corporate purposes including, without limitation, the payment of the initial expenses of administration and operation of the corporation and the establishment of reserves or […]
Section 42-116-22. – Assistance by state officers, departments, boards and commissions.
§ 42-116-22. Assistance by state officers, departments, boards and commissions. All state agencies, departments, boards, and commissions may render those services to the corporation within their respective functions as may be requested by the corporation. History of Section.P.L. 1991, ch. 3, § 4.
Section 42-116-23. – Certain agreements.
§ 42-116-23. Certain agreements. No agreement which tends to diminish or defeat the interest of the corporation in any asset acquired by it under this chapter is valid against the corporation unless the agreement: (1) Is in writing; (2) Was executed by the eligible institution and any person claiming an adverse interest thereunder, including the […]
Section 42-116-24. – Tax exemption.
§ 42-116-24. Tax exemption. (a) Bonds issued by the corporation in accordance with this chapter, the principal and the income from these bonds, including any profit made on the sale of these bonds, are, at all times, exempt from taxation by and within the state. (b) The exercise of the powers granted by this chapter […]
Section 42-116-25. – Duration of corporation — Termination.
§ 42-116-25. Duration of corporation — Termination. The corporation and its corporate existence shall continue until it is dissolved in accordance with procedures contained in §§ 7-6-50 — 7-6-55 after its board of directors has determined that the purposes for which it has been created have been substantially fulfilled; provided, however, that no dissolution shall […]
Section 42-116-25.1. – Defeasance of corporation bonds.
§ 42-116-25.1. Defeasance of corporation bonds. Upon termination of the corporation all funds from assets formerly held by the corporation shall be paid to the general fund upon receipt. History of Section.P.L. 2000, ch. 55, art. 3, § 6; P.L. 2001, ch. 77, art. 3, § 3; P.L. 2002, ch. 65, art. 17, § 3; […]