The bill amends Section 42-64-7.1 of the Rhode Island General Laws to allow the Rhode Island Commerce Corporation to create and manage subsidiary corporations with the approval of the general assembly. It specifically authorizes the creation of a subsidiary for the Quonset Point/Davisville Industrial Park, which will be managed by a board of directors appointed by various entities, including the town council of North Kingstown, the governor, and includes non-voting members from the general assembly and a resident of Jamestown. The bill sets forth the conditions for creating 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. It also allows the East Providence Waterfront District to be considered a subsidiary without further general assembly approval.

The bill also modifies the appointment process for the board of directors of the Rhode Island airport corporation. It mandates that the board consist of seven members appointed by the governor with the advice and consent of the senate, and now requires the mayor of Warwick to submit a list of three individuals for the governor to consider for one of these appointments. The terms of the directors are staggered, and vacancies are filled by the governor for the remainder of the term. The insertions in the bill include the mayor of Warwick's involvement in the appointment process and the requirement for the governor to consider the mayor's list for one appointment, with all appointments subject to the advice and consent of the senate. The act is effective upon passage.

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