Forfeiture of charter and revocation of permit.
R.I. Gen. Laws § 7-14-1
in effect7-14-1. Forfeiture of charter and revocation of permit.
The attorney general is authorized to institute civil proceedings in the superior
court to forfeit the charter of any corporation organized under the laws of this state
and to revoke the permit authorizing any foreign corporation to carry on business
in this state, when:
(1) Any of the corporate officers or any other person controlling the management or operation
of the corporation, with the knowledge of the president and a majority of the board
of directors or under such circumstances wherein the president and a majority of the
directors should have knowledge, is a person engaged in organized gambling, organized
traffic in narcotics, organized extortion, organized bribery, organized embezzlement,
or organized prostitution, or who is connected directly or indirectly with organizations,
syndicates, or criminal societies engaging in those activities; or
(2) A director, officer, employee, agent, or stockholder acting for, through, or on behalf
of the corporation has, in conducting the corporation’s affairs, purposely engaged
in a persistent course of gambling, unlawful traffic in narcotics, extortion, embezzlement,
intimidation and coercion, bribery, prostitution, or other criminal conduct with the
knowledge of the president and a majority of the board of directors or under circumstances
where the president and a majority of the directors should have knowledge, with the
intent to compel or induce other persons, firms, and corporations to deal with the
corporation or to engage in any criminal conduct; and
(3) For the prevention of future illegal conduct of the same character, the public interest
requires the charter of the corporation to be forfeited and the corporation to be
dissolved or the permit to be revoked.
P.L. 1970, ch. 236, § 1.
Source: State of Rhode Island General Assembly (rilegislature.gov)URL: https://webserver.rilegislature.gov/Statutes/TITLE7/7-14/7-14-1.htmFetched: 10/20/2026