Rhode Island General Laws Title 16. Education § 16-32.1-2. Creation and powers

(a) There is hereby authorized, created and established a public corporation having a legal existence distinct from the state and not constituting a department of state government, to be known as the university of Rhode Island research foundation, with such powers as are set forth in this chapter, for the purposes of the development of scientific research, technology, commercialization of intellectual property and such other purposes as may be necessary to develop, promote and enhance scientific research and technology at the university of Rhode Island.

(b) The research foundation is authorized, created and established for the benefit of the university of Rhode Island and shall be organized exclusively for charitable, educational and scientific purposes of the university of Rhode Island within the meaning of § 501(c)(3) of the Internal Revenue Code with the following powers and purposes:

(c) The research foundation and its corporate existence shall continue until terminated by law or until the corporation shall cease entirely and continuously to conduct or be involved in any business or transactions in furtherance of its purposes. Upon termination of the research foundation and its corporate existence, all of its rights, assets and properties shall pass to and be vested in the board of trustees for the benefit of the university of Rhode Island.