University of Rhode Island Research Corporation
§ 35-12-8 Notes of the corporation.
(a) The corporation shall have the power and is authorized to issue from time
to time negotiable notes in one or more series, in such principal amounts as in
the opinion of the corporation shall be necessary to provide sufficient funds
for achieving its purposes, including:
(1) Payment of interest on notes of the corporation;
(2) Establishment of reserves to secure these notes; and
(3) Making of all other expenditures of the corporation
incident to and necessary or convenient to carrying out its corporate purposes
(b) All notes issued by the corporation may be secured by the
full faith and credit of the corporation, or may be payable solely out of
revenues and receipts derived from the pledge or assignment of, grant of
security interest in, or sale of, accounts owned by it or any part thereof, or
upon investment earnings of any of these revenues, receipts, proceeds, or
payments, or upon any other form of security available to the corporation for
that purpose, all as may be designated in the proceedings of the corporation
under which the notes shall be authorized to be issued. The notes may be
executed and delivered by the corporation at any time or from time to time, may
be in such form and denominations and of such tenor and maturities, and may be
in bearer form or in registered form, as to principal and interest or as to
principal alone, all as the corporation may determine.
(c) Notes and any renewals thereof may be payable in such
installments and at such times, not exceeding six (6) months from the date of
the original issue of the notes, as shall be determined by the corporation.
(d) Notes may be payable at such places, whether within or
without the state, may bear interest at such rate or rates payable at such time
or times and at such place or places and evidenced in such manner, and may
contain such provisions not inconsistent herewith, all as shall be provided in
the proceedings of the corporation under which they shall be authorized to be
(e) There may be retained by provisions made in the
proceedings under which any notes of the corporation are authorized to be
issued an option to redeem all or any part thereof, at the prices and upon such
notice, and on such further terms and conditions, as shall be set forth on the
record of the proceedings and on the face of the notes.
(f) Moneys of the corporation, including without limitation
revenues, receipts, proceeds, payments, or earnings listed in subsection (b),
may be invested and reinvested in such obligations, securities, and other
investments consistent with the purposes of this chapter as shall be specified
in the resolutions under which the notes are authorized.
(g) Issuance by the corporation of one or more series of
notes for one or more purposes shall not preclude it from issuing other notes
for the same purpose or purposes, but the proceedings whereunder any subsequent
notes may be issued shall recognize and protect a prior pledge made for a prior
issue of notes unless in the proceedings authorizing the prior issue the right
is reserved to issue subsequent notes on a parity with the prior issue.
(h) The members of the corporation shall not be subject to
personal liability or accountability by reason of the issue of notes under this
(i) Notes may be issued under the provisions of this chapter
without obtaining the consent of any department, division, commission, board,
body, bureau, or agency of the state, and without any other proceedings,
conditions, or things other than those proceedings, conditions, or things which
are specifically required by this chapter and by the provisions of the
resolution authorizing the issuance of the notes or the trust agreement
securing the same.
(j) Whether or not the notes are of such form and character
as to be negotiable instruments under the terms of the Uniform Commercial Code,
title 6A, the notes are hereby made negotiable instruments within the meaning
of and for all the purposes of the Uniform Commercial Code, subject only to the
provisions of the notes for registration.
(k) If a member of the corporation whose signature appears on
the notes or coupons shall cease to be a member before the delivery of the
notes, the member's signature shall, nevertheless, be valid and sufficient for
all purposes, as if the member had remained in office until the delivery.
History of Section.
(P.L. 1982, ch. 324, § 1.)