§ 16-32-26. Management of college of pharmacy fund.
(a) The general treasurer shall have the care and management of the fund with full power to regulate the custody and safekeeping of all money and evidences of property belonging to the fund. The treasurer shall deposit, subject to his or her order, to the use of this fund, all dividends, interest, or income arising from it, in any bank or banks, trust company or trust companies, in which funds of the state may be lawfully kept. The treasurer may invest and reinvest, in his or her discretion, the money in the fund at any time and the dividends, interest, and income in any securities or investments in which the deposits in savings banks and participation deposits in banks and trust companies may be legally invested. The treasurer may change and vary the investments from time to time, and he or she may sell and dispose of any investments made, when necessary to meet the draft of the board of trustees as provided in § 16-32-25.
(b) The general treasurer shall, upon the order of the governor to do so, transfer to the university of Rhode Island foundation created by act of the general assembly at its January 1957 session all money and evidences of property comprising the fund, and then his or her duties with respect to the fund shall cease, and the foundation shall after this hold and administer the fund with all the powers and subject to all the duties imposed upon it by the act of the general assembly with respect to other funds held by the foundation; provided, that the fund shall be held by the foundation as a special fund and shall not be mingled with other funds held by the foundation, and the net income of the fund shall be devoted exclusively to the object specified in § 16-32-25.
History of Section.P.L. 1980, ch. 395, § 5; P.L. 2019, ch. 88, art. 9, § 3.
Structure Rhode Island General Laws
Section 16-32-1. - Change of former name.
Section 16-32-2. - Board of Trustees established.
Section 16-32-2.1. - Additional powers of the President of the University.
Section 16-32-2.2. - Appointment and removal of the board of trustees.
Section 16-32-3. - Purposes of university.
Section 16-32-4. - Location — Application of federal funds.
Section 16-32-5. - Authority over experiment station.
Section 16-32-6. - Activities of experiment station.
Section 16-32-7. - Duties required by federal acts — Annual report to general assembly.
Section 16-32-9. - Annual appropriations.
Section 16-32-10. - Award of degrees — Curriculum and government.
Section 16-32-11. - Power to guarantee loans.
Section 16-32-12. - Acquisition of land — Guaranty of loans to societies of students.
Section 16-32-13. - Investment of state funds in student loans.
Section 16-32-14. - Maximum guarantees outstanding.
Section 16-32-15. - Assumption of defaulted obligations — Lien on property.
Section 16-32-16. - Marine biology department — Laboratory.
Section 16-32-17. - Appropriations for marine biology.
Section 16-32-19 - — 16-32-24. Repealed.
Section 16-32-25. - Establishment of college of pharmacy fund.
Section 16-32-26. - Management of college of pharmacy fund.
Section 16-32-27. - Establishment of landscaping fund.
Section 16-32-28. - Management of rotary fund.
Section 16-32-29. - Applied engineering laboratory.
Section 16-32-30. - Geographic information system — Laboratory.
Section 16-32-31. - Appropriations for geographic information system laboratory.
Section 16-32-32. - Exemption from provisions of administrative procedures act.
Section 16-32-33. - Receipts from sources other than appropriations.
Section 16-32-34. - Fiscal accounts — Receipts — Petty cash funds.
Section 16-32-35. - Audit of expenditures.
Section 16-32-36. - Freedom from budget and lease control by other agencies.
Section 16-32-38. - Permanent status for non-classified employees.
Section 16-32-39. - Longevity payments — Non-classified employees.
Section 16-32-40. - Appointment of campus police.