R.I. Gen. Laws § 42-63.4-4

Current through 2024 Public Law 457

Section 42-63.4-4 - General powers

Except to the extent inconsistent with any specific provision of this chapter, the corporation shall have the power:

(1) To sue and be sued, complain and defend, in its corporate name;

(2) To have a seal, which may be altered at pleasure and to use the seal by causing it, or a facsimile of the seal, to be impressed or affixed, or in any other manner reproduced;

(3) To purchase, take, receive, lease, or otherwise acquire, own, hold, improve, use and otherwise deal in and with, personal property, or any interest in personal property, wherever situated;

(4) To sell, convey, mortgage, pledge, lease, exchange, transfer, and otherwise dispose of all or any part of its property and assets for such consideration and upon such terms and conditions as the corporation shall determine;

(5) To make and execute agreements of lease, conditional sales contracts, installment sales contracts, loan agreements, mortgages, construction contracts, operation contracts, and other contracts and instruments necessary or convenient in the exercise of the powers and functions of the corporation granted by this chapter;

(6) To conduct its activities, carry on its operations, and have offices and exercise the powers granted by this chapter, within or outside of the state;

(7) To elect or appoint officers, and agents of the corporation, and define their duties and fix their compensation;

(8) To make and alter by-laws, not inconsistent with this chapter, for the administration and regulation of the affairs of the corporation; these by-laws may contain provisions indemnifying any person who is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, in the manner and to the extent provided in § 7-1.2-814 of the business corporation act;

(9) To hire and fire employees as necessary to properly conduct the daily operation of the corporation; and

(10) To have and exercise all powers necessary or convenient to effect its purposes.

R.I. Gen. Laws § 42-63.4-4

P.L. 1992, ch. 28, §2; P.L. 2005 , ch. 36, § 27; P.L. 2005 , ch. 72, § 27.