TITLE 42
State Affairs and Government
CHAPTER 42-116
Rhode Island Depositors Economic Protection Corporation
SECTION 42-116-6
§ 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.)
