§ 42-64.10-2. Creation. (a) There is authorized, created, and established a public corporation of the state having a distinct legal existence from the state and not constituting a department of state government, which is a governmental agency and public instrumentality of the state, to be known as the "Quonset Development Corporation," as real estate development and management company, with those powers and purposes that are set forth in this chapter, with the objectives of providing and promoting and encouraging the preservation, expansion and sound development of new and existing industry, business, commerce, and related tourism and recreational facilities, attracting and retaining "high value added" employment opportunities, and promoting thereby the economic development of the state and the general welfare of its citizens.

(b) The exercise by the corporation of the powers conferred by this chapter shall be deemed and held to be the performance of an essential governmental function of the state for public purposes. It is the intent of the general assembly by the passage of this chapter to vest in the corporation all powers, authority, rights, privileges, and titles which may be necessary to enable it to accomplish the purposes herein set forth, and this chapter and the powers granted hereby shall be liberally construed in conformity with those purposes.

(c) The corporation and its corporate existence shall continue until terminated by law or until the corporation shall cease entirely and continuously to conduct or be involved in any business whatsoever in furtherance of its purposes; provided, that no termination shall take effect, so long as the corporation shall have bonds, notes, or other obligations outstanding, unless adequate provision shall have been made for the payment thereof pursuant to the documents securing the obligations or to the terminating law. Upon termination of the existence of the corporation, all of its rights and properties shall pass to and be vested in the economic development corporation, established pursuant to chapter 64 of this title, or its successor or, if the economic development corporation is terminated and there is no successor, in the state. At no time shall the assets or other property of the corporation inure to the benefit of any person or other corporation or entity.

History of Section. (P.L. 2004, ch. 351, § 3; P.L. 2004, ch. 360, § 3.)