The bill amends Section 42-64-7.1 of the General Laws concerning the Rhode Island Commerce Corporation, introducing new provisions for the establishment and management of subsidiary corporations. It stipulates that any subsidiary must receive approval from the General Assembly before being created, and it designates the Quonset Development Corporation as a subsidiary of the Rhode Island Commerce Corporation, with specific powers delegated to it. The amendment also outlines the board composition for a subsidiary managing the Quonset Point/Davisville Industrial Park, detailing the appointment process for board members from town councils and the governor. Notably, the bill specifies that subsidiary corporations will have similar powers as the parent corporation, with exceptions such as the lack of condemnation power and the requirement for General Assembly approval for creating additional entities.

Additionally, the bill revises the governance structure of the Rhode Island Airport Corporation by establishing new requirements for the appointment of its board of directors. It mandates that the mayor of Warwick submit a list of three candidates to the governor, who must consider this list when appointing one of the seven directors, while retaining the authority to appoint the remaining six directors independently. The terms of appointment for directors are also defined, with varying lengths of service, and it requires that any vacancies be filled by the governor with the advice and consent of the senate. All directors will serve without compensation, aiming to enhance local input in the airport corporation's governance while preserving the governor's overall authority in the appointment process. The bill will take effect upon passage.

Statutes affected:
211: 42-64-7.1