The bill amends the Rhode Island General Laws regarding the Rhode Island Commerce Corporation's ability to create and manage subsidiary corporations. It grants the corporation the right to perform its functions through subsidiaries with the approval of the general assembly and provides explicit authorization for the creation and management of a subsidiary for the Quonset Point/Davisville Industrial Park. The amendment includes provisions for the board of directors' composition, with members appointed by the town council of North Kingstown, the governor, and non-voting members from the general assembly and a resident of Jamestown. It also sets conditions for the creation of subsidiary public corporations, their powers, exemptions, and clarifies that the Rhode Island Commerce Corporation is not liable for the debts or actions of the Rhode Island Airport Corporation unless it agrees in writing. The East Providence Waterfront District may be considered a subsidiary without further general assembly approval.

Additionally, the bill designates the I-195 redevelopment district as a subsidiary of the Rhode Island Commerce Corporation, allowing it to create and manage subsidiary corporations for its purposes without additional general assembly approval. It also revises the composition of the Rhode Island airport corporation's board of directors, reducing the governor's appointments from seven to six and allowing the mayor of Warwick to appoint one member, with the senate's advice and consent. The terms of the directors and the process for filling vacancies are outlined, with vacancies now filled by the appointing authority. The act mandates that one of the seven directors of the Rhode Island airport corporation be appointed by the mayor of Warwick and will take effect upon passage.

Statutes affected:
7069: 42-64-7.1