48-101-308 - Powers of corporations.
48-101-308. Powers of corporations.
(a) The corporation has the following powers, together with all powers incidental thereto or necessary for the performance of those hereinafter stated, to:
(1) Have succession by its corporate name for the period specified in the certificate of incorporation, unless sooner dissolved as hereinafter provided;
(2) Sue and be sued and prosecute and defend, at law or in equity, in any court having jurisdiction of the subject matter and of the parties;
(3) Have and use a corporate seal and alter the same at pleasure;
(4) Acquire, whether by purchase, construction, exchange, gift, lease, or otherwise, and improve, maintain, extend, equip and furnish one (1) or more projects, which projects may be either within or without the corporate limits of the municipality with respect to which the corporation was organized, including all real and personal properties which the board of directors of the corporation may deem necessary in connection therewith and regardless of whether or not any such projects shall then be in existence;
(5) Finance or undertake (1) one or more projects, which may be located in one (1) or more municipalities in this state, for one (1) or more institutions described in § 48-101-301; provided, that no project located outside the corporate limits of the municipality with respect to which the corporation was organized may be financed or undertaken except after the approval of the financing or undertaking thereof by appropriate resolution duly adopted by either:
(A) A corporation organized pursuant to the provisions of this part by any municipality within the corporate limits of which such project is located; or
(B) The governing body of any municipality within the corporate limits of which such project is located;
(6) Lease to a hospital institution, not for profit blood bank or blood center, or an institution for higher education or a housing facility, one (1) or more projects upon such terms and conditions as the board of directors shall deem proper and charge and collect rent therefor and terminate any such lease upon the failure of the lessee to comply with any of the obligations thereof; and include in any such lease, if desired, provisions that the lessee thereof shall have options to renew the term of the lease for such period or periods and at such rent as shall be determined by the board of directors of the corporation and/or to purchase any or all of its projects or that, upon payment of all of the indebtedness of the corporation, it may lease or convey any or all of its projects to the lessees thereof with or without consideration;
(7) Sell to a hospital institution, not for profit blood bank or blood center, or an institution for higher education or a housing facility or educational institution for physically and mentally retarded individuals, one (1) or more projects for such payments and upon such terms and conditions as the board of directors of the corporation may deem advisable in accordance with the provisions of sale contracts entered into pursuant to this part;
(8) Enter into loan agreements with a hospital institution, not for profit blood bank or blood center, or an institution for higher education or educational institutions for physically and mentally retarded individuals or a housing facility with respect to one (1) or more projects for such payments and upon such terms and conditions as the board of directors of the corporation may deem advisable in accordance with the provisions of this part;
(9) Sell, exchange, donate and convey any or all of its properties whenever its board of directors shall find any such action to be in furtherance of the purposes for which the corporation was organized;
(10) Borrow money and issue its bonds for the purpose of carrying out any of its powers;
(11) As security for the payment of the principal of and interest on any bonds so issued and any agreements made in connection therewith, mortgage and pledge any or all of its projects or any part or parts thereof, whether then owned or thereafter acquired, and pledge the revenues and receipts therefrom or from any thereof, and/or assign and pledge all or any part of its interest in and rights under the leases, sale contracts or loan agreements relating thereto or to any thereof;
(12) Employ and pay compensation to such employees and agents, including attorneys, as the board of directors shall deem necessary for the business of the corporation;
(13) Exercise all powers expressly given in its certificate of incorporation and establish bylaws and make all rules and regulations not inconsistent with the certificate of incorporation or the provisions of this part, deemed expedient for the management of the corporation's affairs; and
(14) Provide information in accordance with the provisions of § 9-21-151.
(b) The corporation does not have power to operate any project financed under this part as a business or in any manner except as specifically provided in this part.
[Acts 1969, ch. 333, § 8; 1975, ch. 29, § 4; 1976, ch. 514, § 3; 1982, ch. 629, §§ 2, 3; 1982, ch. 947, § 6; 1983, ch. 76, §§ 2, 3; T.C.A., § 48-1908; Acts 1990, ch. 704, § 1; T.C.A., § 48-3-308.]