Rhode Island § 19-3-5 - Powers and Operations
Full text of Rhode Island Rhode Island General Laws § 19-3-5 — Powers and Operations, with citation guidance and answers to common questions.
§ 19-3-5. Powers and Operations
R.I. Gen. Laws § 19-3-5
§ 19-3-5. Non-legal investments.
(a) Any financial institution or credit union may hold stocks, bonds, or other securities of a non-legal character acquired in settlements and reorganizations effected to reduce or avoid losses on defaulted bonds and investments. These securities shall be sold within five (5) years after being acquired; provided, however, that the director, or the director’s designee, shall have discretionary power regarding the enforcement of the five-year (5) limitation, and these securities may be held after the expiration of the period of five (5) years until the director, or the director’s designee, shall order the sale of these securities.
(b) An investment that was legal when acquired, but because of changed conditions has become of non-legal character may be held subject to the same provisions as subsection (a).
History of Section.
P.L. 1995, ch. 82, § 40.
Frequently Asked Questions About Rhode Island § 19-3-5
What does Rhode Island General Laws § 19-3-5 cover?
Section 19-3-5 ("Powers and Operations") is part of the Rhode Island General Laws, the codified statutory law of Rhode Island. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Rhode Island § 19-3-5?
A common citation format is "Rhode Island General Laws § 19-3-5" (Rhode Island). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Rhode Island law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Rhode Island official source linked on this page or consult a licensed Rhode Island attorney.
How does Rhode Island § 19-3-5 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Rhode Island can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Rhode Island.