The bill amends Section 42-64-7.1 of the Rhode Island General Laws to grant the Rhode Island Commerce Corporation the authority to create and manage subsidiary corporations, including a specific subsidiary for the Quonset Point/Davisville Industrial Park, with the general assembly's approval. It defines the term "subsidiary public corporation" and outlines the process for preparing articles of incorporation, while also exempting subsidiaries from certain powers and tax exemptions unless specified in their articles of incorporation. The bill restricts the Rhode Island Commerce Corporation from creating separate entities without the general assembly's express approval and clarifies that it is not liable for the debts or actions of the Rhode Island Airport Corporation unless it agrees in writing. Additionally, it allows the East Providence Waterfront District to become a subsidiary with the necessary approvals.

The bill also modifies the appointment process for the board of directors of the Rhode Island airport corporation, particularly involving the mayor of Warwick, who must provide a list of three candidates for the governor to consider for one of the board positions. The governor will appoint the remaining six members independently of the mayor's list. The terms of the directors are staggered, ranging from one to four years, with subsequent appointments lasting four years. Vacancies are to be filled by the governor with the senate's advice and consent, following the original appointment procedure. Board members will serve without compensation, and the act will be effective immediately upon passage.

Statutes affected:
2886  SUB A: 42-64-7.1
2886: 42-64-7.1