§ 42-116-6. Additional general powers.
In addition to the powers enumerated in this chapter, except to the extent inconsistent with any specific provision of this chapter, the corporation has power:
(1) To acquire or purchase all or any portion of the assets of one or more eligible institutions, and to hold those assets in the manner that the corporation deems advisable and sell or dispose of those assets acquired or held by it at prices without relation to cost and in the manner as the corporation deems advisable, and to secure its own bonds with these assets, all as provided in this chapter;
(2) In connection with the acquisition of all or any portion of the assets of an eligible institution, to assume all, none, or any portion of the liabilities, including deposit liabilities, of an eligible institution at the terms and in the manner that the corporation deems advisable; provided, however, that the corporation is responsible and liable only for those liabilities specifically assumed and bears no responsibility or liability for any other debts or liabilities of the eligible institutions;
(3) To abandon any of the corporation’s assets or property as the corporation deems advisable;
(4) To redeem any of the assets or properties of the corporation which are subject to a pledge, mortgage, or security interest, upon the terms and conditions as the corporation deems advisable;
(5) To establish and collect or cause to be collected the fees and charges that the corporation determines to be reasonable;
(6) To make loans in furtherance of the purposes of the corporation, including, without limitation, to renegotiate, rewrite, extend, and modify loans and other obligations;
(7) To make advance, progress, or other payments;
(8) To modify, renegotiate, or restructure any agreement relating to any assets acquired or liabilities assumed by the corporation;
(9) To make and enter into indemnity and guaranty agreements;
(10) To assist in the acquisition of federal deposit insurance with respect to any deposit liabilities (or any deposit obligations issued in full or partial satisfaction thereof) whether from the National Credit Union Administration or the Federal Deposit Insurance Corporation, and whether or not the acquisition of federal insurance is by merger, purchase and assumption, consolidation, liquidation, conversion, or otherwise, which assistance may include without limitation the corporation’s pledge or payment of its revenues to or for the benefit of an institution (which term for the purposes of this subsection includes an eligible institution and any institution that facilitates the acquisition of federal deposit insurance and any affiliate of the institution), sales or other transfer of assets of the corporation to or purchases or other acquisitions of assets from this institution, secured or unsecured loans to this institution, secured or unsecured guaranties of or indemnities against losses or liabilities of this institution and/or purchases or other acquisitions by the corporation of capital stock of this institution; and
(11) To act as and be the conservator of an eligible institution in accordance with chapter 16 of title 19 or to act as a receiver in accordance with title 19, chapter 15 or to act as the operating, managing, liquidating, or other agent for the conservator or the receiver of an eligible institution.
History of Section.P.L. 1991, ch. 3, § 4; P.L. 1992, ch. 9, § 1.
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.