Rhode Island Senate Bill S0151

Rhode Island 2023 Regular Session

• Introduced: 2/1/23
• Engrossed: 2/7/23
• Refer: 2/8/23
• Report Pass: 4/25/23
• Enrolled: 5/2/23
• Passed: 5/10/23

Caption

To Vacate The Forfeiture Or Revocation Of The Charter Of Corona Corp.

Impact

The implications of S0151 primarily affect the regulatory framework governing corporations within Rhode Island. By allowing Corona Corp. to restore its charter through compliance, it sets a precedent for other corporations facing similar circumstances. This encourages adherence to tax obligations and provides a pathway for organizations to regain their operational legitimacy after past compliance failures. The legislation underscores the importance of corporate accountability while offering a second chance to businesses that have fallen out of good standing.

Summary

S0151 is a legislative act introduced in the Rhode Island General Assembly aimed at vacating the forfeiture or revocation of the charter of Corona Corp. The bill specifies that if Corona Corp. meets certain conditions by December 31, 2023, such as filing necessary tax returns and paying all applicable taxes and fees, the revocation of their charter will be lifted. This act facilitates the restoration of the corporation's privileges and responsibilities as if no prior revocation had occurred.

Sentiment

The sentiment around S0151 appears largely supportive, as no opposition was recorded during voting. The unanimous passage with a 70-0 vote signifies a collective agreement among legislators on the importance of facilitating business compliance and encouraging corporate entities to fulfill their obligations. This support reflects a legislative focus on fostering a business-friendly environment within the state.

Contention

While the bill passed without opposition, potential contention may arise regarding corporations that do not take advantage of such provisions. Discussions could include the responsibilities of businesses to uphold compliance and the state's role in enforcing corporate governance. Furthermore, while this act specifically addresses Corona Corp., similar cases could provoke debate on whether there should be a broader application of provisions for other corporations facing charter revocation.