§ 3.1-27.46. (Repealed effective October 1, 2008) Powers of the Foundation
To enable it to carry out its functions, the Foundation shall have the following general powers:
1. To sue and be sued in contractual matters in its own name;
2. To adopt all procedural and substantive rules necessary for the administration of this chapter;
3. To make contracts and agreements, and execute other instruments necessary or appropriate to carry out its purposes;
4. To enter into agreement with, and accept grants from, any governmental agency in furtherance of this chapter;
5. To accept services, gifts, grants, and any property of any character, and to utilize or dispose of them for the purposes for which the Foundation is created;
6. To acquire by gift, devise, purchase, or otherwise, absolutely or in trust, and to hold and, unless otherwise restricted by the terms of the gift or devise, to encumber, convey, or otherwise dispose of, any real property, or any estate or interest therein, as may be necessary and proper in carrying into effect the purposes of the Foundation;
7. To appoint and prescribe the duties of officers, agents, and employees as necessary to carry out its functions, and to fix and pay compensation to them as determined by the board;
8. To coordinate the formation of any economic development corporation as defined in this chapter and to own stock in such a corporation; and
9. Generally to do all lawful acts necessary or appropriate to carry out the purposes for which the Foundation is created.
(1984, c. 731.)
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