Rhode Island § 42-116-8 - Rhode Island Depositors Economic Protection Corporation

§ 42-116-8. Officers.

(a) An executive director, who shall be a person professionally skilled and experienced in law, finance, or public administration, shall be appointed by the board of directors. An executive director may be removed at any time for cause by the board. The executive director shall administer the affairs of the corporation, including, without limiting the generality of the foregoing matters, contracting, asset administration, personnel and administration, under the supervision of the board in accordance with those authorizations that the board may from time to time reasonably adopt and continue in force. The board may also appoint persons to hold the offices of secretary and the treasurer to the corporation, including assistant secretaries and assistant treasurers in whom may be vested any of the powers of the secretary and the treasurer, respectively, or may appoint a director or employee of the corporation to exercise those duties. The secretary shall be the custodian of the seal and of the books and records of the corporation and shall keep a record of the proceedings of the board of directors. The secretary may cause copies to be made of all minutes and other records and documents of the corporation and may give certificates under its official seal to the effect that the copies are true copies and all persons dealing with the corporation may rely upon these certificates. The treasurer has charge of the books of account and accounting records of the corporation and is responsible under the supervision of the executive director for financial control for the corporation. Upon the recommendation of the executive director, the board shall also appoint and establish compensation, benefits, and other terms of employment for other officers and employees of the corporation that it deems reasonable and necessary. Officers and employees of the corporation, other than the executive director, serve at the pleasure of the board or under contracts of employment; provided, however, that no contract of employment, except for that of the executive director, exceeds a term of three (3) years, which may be renewed upon the expiration for successive terms. No person employed by the board is subject to the provisions of the classified service.

(b) Present or past directors, officers, employees, or agents of the corporation may be indemnified by the corporation to the extent allowed by and in accordance with the indemnification provisions applicable to nonprofit corporations pursuant to § 7-6-6. The corporation shall be a public body for purposes of § 9-1-31.1.