To Vacate The Forfeiture Or Revocation Of The Charter Of Rhode Island Real Estate Rehabilitation Corporation
Impact
If enacted, H8166 would significantly impact the Rhode Island Real Estate Rehabilitation Corporation by reestablishing its operational charter, provided it meets the statutory requirements. This reinstatement may allow the corporation to continue its mission without the burden of a revoked charter, thereby facilitating ongoing real estate rehabilitation efforts in the state. The legislation underscores the importance of corporations maintaining compliance with state tax regulations to retain their operational charters.
Summary
House Bill 8166 aims to vacate the forfeiture or revocation of the charter of the Rhode Island Real Estate Rehabilitation Corporation. Introduced in the Rhode Island General Assembly, the bill outlines specific conditions under which the charter can be reinstated. Specifically, the corporation must file required tax returns, pay any outstanding taxes, and submit necessary reports to the Secretary of State within a specified timeframe. This act is intended to allow the corporation to regain its privileges and benefits as if the charter had never been revoked.
Contention
The bill may face scrutiny from legislators concerned about the consistency of corporate regulation and accountability within the state. Supporters may advocate for the bill as a means to assist a corporation in fulfilling its mission, while opponents could argue that it sets a precedent that might allow other corporations in similar situations to circumvent established regulations. Concerns about state tax compliance and the implications for corporate governance may also arise during discussions surrounding the bill's impact.
Voting_history
H8166 successfully passed with a vote of 67 yeas and no nays on May 10, 2022. The unanimous support suggests a bipartisan agreement on the need to address the charter issue.