General Laws of Massachusetts - Chapter 40G Massachusetts Technology Development Corporation - Section 3 Powers

Section 3. The MTDC shall have all of the powers necessary to carry out its purposes which shall include but not be limited to:

(a) make, amend and repeal by-laws, rules and regulations for the management of its affairs;

(b) adopt an official seal;

(c) sue and be sued, in its own name;

(d) make contracts and execute all instruments necessary or convenient for the carrying on of its business; provided, however, that the MTDC shall contract with another public authority for the performance by that authority of core administrative functions, as determined by the secretary of housing and economic development, which may include, but shall not be limited to, human resources, financial management, information technology, legal, procurement and asset management, to minimize the administrative costs and expenses of the MTDC;

(e) acquire, own, hold, dispose of and encumber personal property of any nature, or any interest therein;

(f) enter into agreements or other transactions with any federal, state or municipal agency;

(g) acquire real property, or an interest therein, by purchase or foreclosure, where such acquisition is necessary or appropriate to protect or secure any investment or loan in which the corporation has an interest; to sell, transfer and convey any such property to a buyer and in the event such sale, transfer or conveyance cannot be effected with reasonable promptness or at a reasonable price, to lease such property to a tenant;

(h) 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 commonwealth;

(i) borrow money and give guarantees, provided that the indebtedness and other obligations of the MTDC shall be payable solely out of its own resources;

(j) appoint officers, employees, consultants, agents and advisors and prescribe their duties and fix compensation within the limitations provided by law;

(k) appear in its own behalf before boards, commissions, departments or other agencies of municipal, state or federal government;

(l) procure insurance against any losses in connection with its property in such amounts, and from such insurers, as may be necessary or desirable;

(m) consent, subject to the provisions of any contract with noteholders or bondholders, whenever it deems it necessary or desirable in the fulfillment of the purposes of this act, 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 MTDC is a party;

(n) to accept any and all donations, grants, bequests and devises, conditional or otherwise, of money, property, service or other things of value which may be received from the United States or any agency thereof, any governmental agency, or any institution, person, firm or corporation, public or private, to be held, used or applied for any or all of the purposes specified in this act, in accordance with the terms and conditions of any such grant. Receipt of each such donation or grant shall be detailed in the annual report of the corporation. Such report shall include the identity of the donor or lender, the nature of the transaction and any conditions attaching thereto.

(o) buy, hold and sell qualified securities;

(p) finance, conduct, or cooperate in financing or conducting technological, business, financial, or other investigations which 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 grants, loans, and other forms of assistance;

(q) solicit, study, and assist in the preparation of, business plans and proposals of new or established technologically oriented businesses suitable for support by the corporation;

(r) prepare, publish and distribute, with or without charge as the corporation may determine, 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;

(s) organize, conduct, sponsor or cooperate in and assist the conduct of special institutes, conferences, demonstrations and studies relating to the stimulation and formulation of technologically oriented business and industry endeavors;

(t) provide and pay for such advisory services and technical assistance as may be necessary or desirable to carry out the purposes of this chapter;

(u) exercise any other powers of a corporation organized under chapter 156B;

(v) participate as a general partner or limited partner in a limited partnership; and to participate as a member or manager in a limited liability company.

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Last modified: September 11, 2015