§211F-4 Powers of corporation. (a) The corporation shall have all of the powers necessary to carry out its purposes which shall include but not be limited to the power to:
(1) Adopt rules pursuant to chapter 91 to carry out the purposes of this chapter;
(2) Adopt an official seal;
(3) Sue and be sued, in its own name;
(4) Finance, conduct, or cooperate in financing or conducting technological, business, financial, or other investigations that are related to or likely to lead to business and economic development by making and entering into contracts and other appropriate arrangements, including the provision of loans, start-up and expansion capital, and other forms of assistance;
(5) Solicit, study, and assist in the preparation of business plans and proposals;
(6) Provide advice and technical and marketing assistance, support, and promotion to enterprises in which investments have been made;
(7) Coordinate the corporation's programs with any education and training program;
(8) Carry out specialized programs designed to encourage the development of new products, businesses, and markets;
(9) Prepare, publish, and distribute such technical studies, reports, bulletins, and other materials as it deems appropriate, subject only to the maintenance and respect for confidentiality of client proprietary information;
(10) Organize, conduct, sponsor, or cooperate in and assist in the conduct of conferences, demonstrations, and studies relating to the stimulation and formation of businesses;
(11) Provide and pay for such advisory services and technical, managerial, and marketing assistance, support, and promotion as may be necessary or desirable to carry out the purposes of this chapter;
(12) Acquire, hold, and sell qualified securities;
(13) Consent, subject to the provisions of any contract with noteholders or bondholders, whenever the corporation deems it necessary or desirable in the fulfillment of the purposes of this chapter, to the modification, with respect to rate of interest, time of payment of any installment of principal or interest, or any other terms, of any contract or agreement of any kind to which the corporation is a party;
(14) Accept donations, grants, bequests, and devises of money, property, service, or other things of value that may be received from the United States or any agency thereof, any governmental agency, or any public or private institution, person, firm, or corporation, to be held, used, or applied for any or all of the purposes specified in this chapter. Receipt of each donation or grant shall be detailed in the annual report of the corporation. The report shall include the identity of the donor or lender, the nature of the transaction, and any conditions attaching thereto;
(15) Invest any funds held in reserves or sinking funds, or any funds not required for immediate disbursement, in such investments as may be lawful for fiduciaries in the State;
(16) Acquire real property, or an interest therein, by purchase or foreclosure, where that acquisition is necessary or appropriate to protect or secure any investment or loan in which the corporation has an interest; sell, transfer, and convey the property to a buyer and if the sale, transfer, or conveyance cannot be effected with reasonable promptness or at a reasonable price, to lease the property to a tenant;
(17) Acquire, own, hold, dispose of, and encumber personal property of any nature, or any interest therein;
(18) Enter into agreements or other transactions with any federal, state, or county agency;
(19) Make contracts and execute all instruments necessary or convenient for the carrying on of its business;
(20) Appear in its own behalf before state, county, or federal agencies;
(21) Procure insurance as may be necessary;
(22) Appoint officers, employees, consultants, agents, and advisors who shall not be subject to chapter 76, and prescribe their duties and fix compensation within the limitations provided by law;
(23) Appoint advisory committees as deemed necessary; and
(24) Exercise any other powers of a corporation organized under the laws of the State.
(b) The corporation shall not promise to answer for the debts of any other person. [L 1990, c 110, pt of §3; am L 2000, c 253, §150; am L 2004, c 215, §5; am L 2015, c 237, §30]
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