§ 122D-6. General powers of Authority.
§122D‑6. General powers of Authority.
The Authority shall have allthe powers necessary to give effect to and carry out the purposes andprovisions of this Chapter, including the following powers in addition to allother powers granted by other provisions of this Chapter, to:
(1) Sue and be sued inits own name and in the name of any subsidiary corporation or entity which maybe created pursuant to paragraph (19) of this section;
(2) Have a seal andalter the same at its pleasure;
(3) Adopt bylaws for theinternal organization and government of the Authority;
(4) Adopt, promulgateand amend rules for the administration of the Chapter;
(4a) Limit the definitionof agricultural loan under G.S. 122D‑3(1);
(5) Make and executecontracts and all other instruments necessary or convenient for the exercise ofits powers and functions under this Chapter with any federal or Stategovernmental agency, public or private corporation, lending institution orother entity or person, and each and any North Carolina governmental agency ishereby authorized to enter into contracts and otherwise cooperate with theagency to facilitate the purposes of this Chapter;
(6) Accept, administerand expend donations of movable or immovable property from any source, andreceive, administer and expend appropriations from the legislature andfinancial assistance, guarantees, insurance or subsidies from the federal orState government;
(7) Subject to therights of holders of bonds of the Authority, to renegotiate, refinance orforeclose on any mortgage, security interest or lien; or commence any action toprotect or enforce any right or benefit conferred upon the Authority by anylaw, mortgage, security interest, lien, contract or other agreement; and bidfor and purchase property at any foreclosure or at any other sale or otherwiseacquire or take possession of any property; and in any such event, theAuthority may complete, administer, pay the principal of and interest on anyobligation incurred in connection with such property, dispose of and otherwisedeal with such property in such manner as may be necessary or desirable toprotect the interest of the Authority or of holders of its bonds therein;
(8) Procure or providefor the procurement of insurance or reinsurance against any loss in connectionwith its property or operations, including but not limited to insurance,reinsurance or other guarantees from any federal or State governmental agencyor private insurance company for the payment of any bonds issued by theAuthority, or bond, notes or any other obligations or evidences of indebtednessissued or made by any subsidiary corporation or entity created pursuant tosubdivision (19) of this section or by any lending institution or other entityor person, or insurance or reinsurance against loss with respect toagricultural loans, mortgages or mortgage loans, or any other type of loans,including the power to pay premiums on such insurance or reinsurance;
(9) Make, insure,coinsure, reinsure, or cause to be insured, coinsured or reinsured, agriculturalloans, mortgage loans or mortgages, or any other type of loans and pay orreceive premiums on such insurance, coinsurance or reinsurance, and establishreserves for losses, and participate in the insurance, coinsurance orreinsurance of agricultural loans, mortgage loans or mortgages, or any othertype of loans with the federal or State government or any private insurancecompany;
(10) Undertake and carryout or authorize the completion of studies and analyses of agriculturalconditions and needs within the State and needs relating to the promotion ofagricultural exports and ways of meeting such needs, and make such studies andanalyses available to the public and to the agricultural industry, and toengage in research or disseminate information on agriculture and agriculturalexports;
(11) Accept federal, Stateor private financial or technical assistance and comply with any conditions forsuch assistance, provided such conditions are not in conflict with the intentof this Chapter;
(12) Establish, pay andcollect fees and charge in connection with its loans, deposits, insurancecommitments and services, including but not limited to, reimbursement of costsof issuing bonds, origination and servicing fees, and insurance premiums;
(13) Make loans to ordeposits with lending institutions and purchase or sell agricultural loans;
(14) Acquire or contractto acquire from any person, firm, corporation, municipality, federal or Stateagency, by grant, purchase or otherwise, movable or immovable property or anyinterest therein; own, hold, clear, improve, lease, construct or rehabilitate,and sell, invest, assign, exchange, transfer, convey, lease, mortgage orotherwise dispose of or encumber the same, subject to the rights of holders ofthe bonds of the Authority, at public or private sale, with or without publicbidding;
(15) Borrow money, issuebonds, and provide for the rights of the lenders or holders thereof andpurchase, discount, sell, negotiate and guarantee, insure, coinsure andreinsure note, drafts, checks, bills of exchange, acceptances, bankersacceptances, cable transfers, letters of credit and other evidence ofindebtedness with or without credit enhancement devices;
(16) Subject to the rightsof holders of the bonds of the Authority, consent to any modification withrespect to the rate of interest, time, payment of any installment of principalor interest, security or any other term or condition of any loan, contract,mortgage, mortgage loan or commitment therefor or agreement of any kind to whichthe Authority is a party or beneficiary;
(17) Maintain an office atsuch place or places as the Authority shall determine;
(18) Serve as thebeneficiary of any public trust;
(19) After reporting tothe agriculture committees of the House of Representatives and the Senate, tocreate such subsidiary corporations or entities as may be necessary to borrowmoney, insure or reinsure agricultural loans, or issue bonds in theinternational financial market; and
(20) Purchase orparticipate in the purchase and enter into commitments by itself or togetherwith others for the purchase of federally issued securities; provided that theproceeds of such securities will be utilized in accordance with the provisionsof this Chapter. (1983, c. 789, s. 1; 1985 (Reg. Sess., 1986), c. 1011,s. 1; 1987, c. 112, s. 4; 1989, c. 500, s. 109(e); 1989 (Reg. Sess., 1990), c.1000, s. 1, c. 1074, s. 32(b); 1993, c. 553, ss. 37, 38.)