§ 42-116-5 - General powers of corporation.
SECTION 42-116-5
§ 42-116-5 General powers of corporation.– (a) The corporation has all of the powers to do all of the things necessary andconvenient to carry out and effectuate the purposes and provisions of thischapter, including, without limiting the generality of the foregoing, thepowers:
(1) To adopt and amend by-laws for the governance of itsaffairs, the administration of its assets, and the conduct of its business;
(2) To adopt an official seal;
(3) To maintain an office at a place or places it maydetermine;
(4) To adopt a fiscal year which coincides with the state'sfiscal year;
(5) To adopt and enforce procedures, regulations, and rulesin connection with the performance of its functions and duties;
(6) To sue in any court of competent jurisdiction, toprosecute and defend actions relating to its property and affairs; provided,however, that the corporation is not authorized to become a debtor under theUnited States Bankruptcy Code;
(7) To employ personnel and to engage accounting, management,legal, financial, consulting, and other professional services;
(8) To receive and apply its revenues in furtherance of thepurposes of this chapter, or the exercise of its powers, and payment of allcosts incurred in connection therewith without appropriation or allotment bythe state or any political subdivision thereof;
(9) To borrow money, including short term start up borrowingfrom the state;
(10) To issue bonds and apply the proceeds thereof asprovided in this chapter and to pledge or assign or create security interestsin assets, revenues, funds, and other property of the corporation and otherwiseas provided in this chapter to pay or secure such bonds;
(11) To deposit, invest, and reinvest any funds held inreserves, or any revenues or funds not required for immediate disbursement, indepository institutions and/or investments, obligations and securities,respectively, as may be legal and prudent investments for funds of the state,and pay fees thereof and receive interest thereon;
(12) To obtain insurance including fidelity bonds foremployees and to enter into agreements of indemnification necessary orconvenient to the exercise of its powers under this chapter;
(13) To apply for, receive, administer, and comply with theconditions and requirements respecting any grant, gift, or appropriation ofproperty, services, or moneys;
(14) To enter into contracts, arrangements, and agreementswith other persons, and to modify or consent to the modification of any of theforegoing to which the corporation is a party or in which the corporation hasan interest under this chapter, and execute and deliver all instrumentsnecessary or convenient to the exercise of its powers under this chapter;
(15) To authorize a representative to appear on its ownbehalf before other public bodies in all matters relating to its powers andpurposes;
(16) To acquire, own, redeem, lease as tenant, or hold real,personal, intangible, or mixed property or any interest in property and toexercise all of the usual incidents of ownership of property necessary andconvenient to the operations of the corporation; and to collect, realize upon,foreclose, settle, release, improve, rehabilitate, sell, compromise, assign,exchange, lease as landlord, mortgage, or otherwise dispose of or encumber theproperty; and
(17) To exercise those powers granted to corporationsorganized under chapter 1.2 of title 7.
(b) Notwithstanding any other provision of this chapter, thecorporation shall not have the power of a bank or trust company within thejurisdiction or under the control of the department of business regulation ofthe state, or its director, the comptroller of the currency of the UnitedStates or the Treasury Department of the United States.