This bill amends current law to allow the parent corporation to exercise its powers and functions through one or more subsidiary corporations, with the approval and authorization of the general assembly. It also specifies the composition of the board of directors for a subsidiary corporation created for the management of the Quonset Point/Davisville Industrial Park. The bill defines a "subsidiary public corporation" and outlines the requirements for preparing articles of incorporation for a subsidiary public corporation.

Additionally, the bill designates the East Providence Waterfront District and the I-195 redevelopment district as subsidiaries of the Rhode Island commerce corporation, allowing them to exercise the powers of the corporation. The bill also amends the appointment process for the board of directors of the Rhode Island airport corporation, changing the number of directors and requiring one director to be appointed by the mayor of Warwick.

Statutes affected:
7069: 42-64-7.1