§ 42-55-5.1. Subsidiary corporations.
(a) To further its purposes, the corporation shall have the power to form one or more subsidiary corporations under either § 7-1.2-1 et seq. or § 7-6-1 et seq. in accordance with the procedures therein contained. Each subsidiary corporation shall be governed by the section under which it is formed, provided that each shall be subject to the same restrictions and limitations as to its powers and purposes to which the corporation is subject under this chapter and shall be deemed a state agency only for the purposes of § 42-46-1 et seq. and § 38-2-1 et seq. The corporation may delegate any of its powers, obligations, and duties under this chapter to any subsidiary corporation by inclusion of its powers, obligations and duties in the articles of incorporation of the subsidiary corporation. Subsidiary corporations so formed shall constitute legal entities separate and distinct from each other, the corporation, and the state. The corporation shall not be liable for the debts or obligations or for any actions or inactions of its subsidiary corporations unless the corporation expressly agrees otherwise in writing. The corporation may make loans or grants to a subsidiary corporation from time to time to enable the subsidiary corporation to carry out its purposes. The commissioners of the corporation shall constitute all of the directors of each subsidiary corporation.
(b) The state, any municipality or any state commission, public authority, agency, officer, department, board, or division authorized and empowered to enter into agreements with, to grant, convey, lease, or otherwise transfer any property to, or to otherwise transact business with the corporation, shall have the same authorization and power to engage in these activities with each subsidiary corporation of the corporation.
History of Section.P.L. 1988, ch. 617, § 3; P.L. 2005, ch. 36, § 26; P.L. 2005, ch. 72, § 26.
Structure Rhode Island General Laws
Title 42 - State Affairs and Government
Chapter 42-55 - Rhode Island Housing and Mortgage Finance Corporation
Section 42-55-1. - Short title.
Section 42-55-2. - Legislative findings.
Section 42-55-3. - Definitions.
Section 42-55-4. - Creation of corporation — Composition — Personnel — Compensation.
Section 42-55-5. - General powers.
Section 42-55-5.1. - Subsidiary corporations.
Section 42-55-5.2. - Consistency with plans.
Section 42-55-5.3. - Letters of eligibility.
Section 42-55-5.4. - Renewable energy in housing developments.
Section 42-55-6. - Powers relative to making loans.
Section 42-55-7.1. - Powers relative to acquisition and operation of housing projects.
Section 42-55-8. - Supervision of housing sponsors and health care sponsors.
Section 42-55-9. - Terms and conditions of loans.
Section 42-55-11. - Admission and income limitations relative to housing developments.
Section 42-55-13. - Bonds and notes.
Section 42-55-14. - Reserve funds and appropriations.
Section 42-55-15. - Issuance of refunding obligations.
Section 42-55-16. - Sale of refunding obligations.
Section 42-55-17. - Remedies of bondholders and note holders.
Section 42-55-18. - Pledge of the state.
Section 42-55-19. - Credit of state not pledged.
Section 42-55-20. - Notes and bonds as legal investments.
Section 42-55-22. - Annual reports.
Section 42-55-22.1. - Mortgage disclosure reports.
Section 42-55-22.2. - Fair housing policy reports.
Section 42-55-22.3. - Emergency housing assistance.
Section 42-55-23. - Authorization to accept appropriated moneys.
Section 42-55-24. - Tax exemption.
Section 42-55-24.1. - Allocation of tax credits.
Section 42-55-26. - Qualified mortgage bonds.
Section 42-55-27. - Lead paint removal revolving fund.
Section 42-55-28. - Inconsistent provisions in other laws superseded.