§ 37-18-3. Corporation established €” Passage to state upon cessation of business.

(a) Subject to the provisions of § 37-18-12, there is hereby authorized, created, and established a permanent, public corporation of the state having a distinct legal existence from the state and not constituting a department of state government, to be known as the €œNarragansett Indian land management corporation€ with such powers as are set forth in this chapter for the purposes of acquiring, managing, and purchasing real property as provided in § 37-18-6(d).

(b) It is the intent of the general assembly by the passage of this chapter to vest in the corporation all powers, authority, rights, privileges, and titles which may be necessary to enable it to accomplish the purposes herein set forth.

(c) If, for any reason, the corporation shall cease entirely and continuously to conduct or be involved in any business whatsoever in furtherance of its purposes, all its duties, purposes, rights, and properties shall pass to and be vested in the state and the lands shall be held in trust for the Indians, as defined in this chapter, subject to the provisions of §§ 37-18-12 and 37-18-13.