AN ACT TO VACATE THE FORFEITURE OR REVOCATION OF THE CHARTER OF LOS TOROS BAND, INC.

2026 Regular Session Introduced by Brandon Potter

The bill allows Los Toros Band, Inc. to have its charter reinstated if it files and pays all taxes, reports, and fees by December 31, 2026, with a confirming certificate.

06/03/2026 Effective without Governor's signature

Summary of HB 8520 (2026) – Rhode Island

Purpose and Intent

The bill, introduced by Rep. Brandon C. Potter and referred to the House Corporations committee, proposes to reinstate (vacate the forfeiture or revocation of) the charter of Los Toros Band, Inc. if certain conditions are met by December 31, 2026.

The underlying goal is to restore the corporation’s rights, privileges, powers, duties, and liabilities as if its charter had never been revoked.

Key Provisions

Section 1: Conditions to vacate revocation

Los Toros Band, Inc., originally incorporated on September 3, 1999, must: 1) File any required Rhode Island corporation tax returns on or before December 31, 2026. 2) Pay all taxes that are due or that should have been due. 3) Obtain and file with the Rhode Island Secretary of State a certificate signed by the Tax Administrator confirming that the tax returns have been filed and all taxes have been paid. 4) File all reports and pay all fees that may be required by the Secretary of State.
If these conditions are satisfied and the certificate from the Tax Administrator is filed (along with the reports and fees), the revocation of the corporation’s charter shall be vacated.
Upon vacating the revocation, the corporation will be entitled to all privileges, benefits, and powers and will be subject to the same duties and liabilities as if no revocation had taken place.

Section 2: Effective date

The act takes effect upon passage.

Who/What Would Be Affected

Los Toros Band, Inc. (a Rhode Island corporation), whose charter has been revoked, would be reinstated to its former legal status contingent on compliance with tax, reporting, and fee requirements by the stated deadline.

The Rhode Island Secretary of State and the Tax Administrator would play a role in processing the required certificate and ensuring compliance.

Procedural and Timeline Aspects

Deadline to satisfy conditions: December 31, 2026.

Steps to reinstate:

File outstanding tax returns (as required by law).
Pay all due taxes.
Obtain a certificate from the Tax Administrator confirming filing and payment.
File required reports and pay all Secretary of State fees.
File the certificate with the Secretary of State to vacate the charter revocation.

Effective date of the act: Upon passage (no separate delayed effective date beyond passage).

Practical Impact

If the bill becomes law and Los Toros Band, Inc. meets the specified requirements by the deadline, the organization would regain its chartered status and the associated legal rights, obligations, and privileges as though its revocation had never occurred.

If the conditions are not met by the deadline, the charter revocation would presumably remain in effect, with the organization not restored to its former status under this act.