Rhode Island § 35-24-3 - Rhode Island Baby Bond Trust

§ 35-24-3. Powers of the general treasurer.

(a) The general treasurer, on behalf of the trust and for purposes of the trust, may:

(1) Receive and invest monies in the trust in any instruments, obligations, securities, or property in accordance with the provisions of this chapter;

(2) Enter into one or more contractual agreements, including contracts for legal, actuarial, accounting, custodial, advisory, management, administrative, advertising, marketing, and consulting services from the trust and pay for such services from the gains and earnings of the trust;

(3) Procure insurance in connection with the trust’s property, assets, activities, or deposits to the trust;

(4) Apply for, accept, and expend gifts, grants, or donations from public or private sources to enable the trust to carry out its objectives;

(5) Adopt rules and regulations it deems necessary to effectuate the purposes of this chapter;

(6) Sue and be sued;

(7) Establish one or more funds within the trust and maintain separate accounts for each designated beneficiary; and

(8) Take any other action necessary to effectuate the purposes of this chapter, and incidental to the duties imposed on the general treasurer pursuant to this chapter.

(b) The general treasurer shall create a process within the office of the general treasurer to determine whether an expenditure proposed by a designated beneficiary is an eligible expenditure before the designated beneficiary is to receive any distribution under § 35-24-7.