§ 42-116-37. Use of funds.
Notwithstanding the provisions of any general or special law to the contrary, from and after March 1, 1992, payment of funds of the corporation to any depositor of the Central Credit Union, the Marquette Credit Union, the Banner Loan and Investment Corporation, the Rhode Island Central Credit Union, the East Providence Credit Union, the Providence Teachers Credit Union, the Columbian Credit Union, the Greater Providence Deposit Corporation, Greater Providence Trust Company and Community-Loan and Investment Bank, the Davisville Credit Union or the Chariho-Exeter Credit Union in respect of deposit liabilities (whether by the corporation or the receiver of the eligible institution) shall be made only pursuant to the provisions of § 42-116-12 and/or in connection with transactions authorized by § 42-116-6(10) which result in the acquisition of federal deposit insurance with respect to any deposit liabilities (or any deposit obligations issued in full or partial satisfaction thereof), of the aforementioned eligible institutions, whether from the National Credit Union Administration or the Federal Deposit Insurance Corporation.
History of Section.P.L. 1992, ch. 9, § 4.
Structure Rhode Island General Laws
Title 42 - State Affairs and Government
Chapter 42-116 - Rhode Island Depositors Economic Protection Corporation
Section 42-116-1. - Short title.
Section 42-116-2. - Legislative findings.
Section 42-116-3. - Definitions.
Section 42-116-5. - General powers of corporation.
Section 42-116-5.1. - Sale of property.
Section 42-116-6. - Additional general powers.
Section 42-116-7. - Assumption of liabilities and distribution.
Section 42-116-10. - Promulgation of regulations.
Section 42-116-11. - Payment of state funds — Agreement between corporation and department.
Section 42-116-12. - Payment of depositor’s claims.
Section 42-116-12.1. - Distribution of funds in individual retirement accounts.
Section 42-116-13. - Bonds of the corporation.
Section 42-116-14. - Refunding bonds.
Section 42-116-15. - Bonds eligible for investment.
Section 42-116-16. - No additional consent required.
Section 42-116-17. - Bonds not obligations of the state.
Section 42-116-18. - Lien status — Recording.
Section 42-116-19. - Investment securities.
Section 42-116-20. - Trust fund.
Section 42-116-21. - Authorization to accept appropriated monies.
Section 42-116-22. - Assistance by state officers, departments, boards and commissions.
Section 42-116-23. - Certain agreements.
Section 42-116-24. - Tax exemption.
Section 42-116-25. - Duration of corporation — Termination.
Section 42-116-25.1. - Defeasance of corporation bonds.
Section 42-116-25.2. - Indemnification.
Section 42-116-26. - Record keeping — Financial statements.
Section 42-116-27. - Inconsistent laws — Supplemental powers.
Section 42-116-28. - Compliance with federal law.
Section 42-116-29. - Inapplicability of certain laws.
Section 42-116-30. - Liability of the corporation.
Section 42-116-31. - Special revenue fund.
Section 42-116-32. - Corporation’s right to subrogation.
Section 42-116-33. - Performance review committee.
Section 42-116-34. - Severability.
Section 42-116-35. - Excess interest forfeiture.
Section 42-116-36. - Recording certain transfer documents.
Section 42-116-37. - Use of funds.
Section 42-116-38. - Depositor’s advisory board.
Section 42-116-39. - Payment of commission costs.