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 specifies that any subsidiary must receive approval from the General Assembly, and outlines the governance structure for the Quonset Development Corporation, which is designated as a subsidiary. The amendment details the appointment process for the board of directors of the subsidiary managing the Quonset Point/Davisville Industrial Park, including representation from town councils and the governor. Additionally, it clarifies that subsidiary corporations will have similar powers to the parent corporation, with exceptions such as the lack of condemnation power and the requirement for General Assembly approval for creating new entities. The bill also states that the Rhode Island Commerce Corporation will not be liable for the debts or actions of the Rhode Island Airport Corporation unless otherwise agreed.

Furthermore, the bill revises the governance structure of the Rhode Island Airport Corporation by establishing a new appointment process for its board of directors. The mayor of Warwick is required to submit a list of three candidates to the governor, who will appoint one, while the governor retains the authority to appoint the remaining six members. The terms of appointment are specified, with varying lengths for each director, and future appointments will be for four-year terms. All board members will serve without compensation, and the establishment of the I-195 redevelopment district as a subsidiary of the Rhode Island Commerce Corporation is authorized. Overall, the bill aims to enhance local representation in the governance of the Rhode Island Airport Corporation while ensuring that the creation and management of subsidiary corporations align with the General Assembly's oversight.

Statutes affected:
5584: 42-64-7.1