§ 10-2253 — General powers

Arizona § 10-2253

• Jurisdiction: Arizona
• Title 10: Arizona Revised Statutes
• Ch. 21: BUSINESS DEVELOPMENT CORPORATIONS
• Art. 1: Formation and Operation

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A corporation formed under the provisions of this chapter shall have all of the powers, rights, privileges and immunities available to any other corporation incorporated under chapters 1 through 18 of this title, and in addition thereto and subject to the restrictions and limitations set forth in this chapter, shall have power to:

1. Borrow money and otherwise incur indebtedness for any of its purposes, to issue its bonds, debentures, notes, other evidences of indebtedness, whether secured or unsecured therefor, and to secure the same by mortgage, pledge, deed of trust or other lien on its property, franchises, rights and privileges, of every kind and nature, or any part thereof.

2. Lend money to and guarantee, endorse or act as surety on the bonds, notes, contracts or other obligations of, or otherwise assist financially, any person, firm, corporation, joint stock company or association, and to establish and regulate the terms and conditions with respect to any such loans or financial assistance and the charges for interest and service connected therewith. No loan or financial assistance shall be made available unless the loan or financial assistance applied for is not otherwise available to the applicant from financial institutions on reasonable terms, it being the intent hereof that customary sources of credit be utilized whenever possible.

3. Purchase, receive, hold, lease or otherwise acquire, and to sell, convey, mortgage, lease, pledge or otherwise dispose of, upon such terms and conditions as its board of directors may deem advisable, real and personal property, together with such rights and privileges as may be incidental and appurtenant thereto, and the use thereof, including but not restricted to any real or personal property acquired by such corporation from time to time in the satisfaction of debts or enforcements of obligations.

4. Acquire the good will, business rights, real and personal property and other assets or any part thereof, of such persons' firms, corporations, joint stock companies or associations as may be in furtherance of the corporate purposes provided herein, and to assume, undertake, guarantee or pay the obligations, debts and liabilities of any such person, firm, corporation, joint stock company or association; to acquire improved or unimproved real estate for the purpose of constructing industrial plants or other business establishments thereon, or for the purpose of disposing of such real estate to others for the construction of industrial plants or other business establishments, and in furtherance of the corporate purposes provided herein, to acquire, construct or reconstruct, alter, repair, maintain, operate, sell, lease or otherwise dispose of industrial plants or business establishments.

5. Acquire, subscribe for, own, hold, sell, assign, transfer, mortgage, pledge or otherwise dispose of the stock, shares, bonds, debentures, notes or other securities and evidences of interest in or indebtedness of, any person, firm, corporation, joint stock company or association and while owner or holder thereof to exercise all the rights, powers, and privileges of ownership including the right to vote thereon.

6. Accept grants, loans, subsidies and other aids from and to enter into agreement or other transactions with any state or federal agency and to participate with such state or federal agency and with other corporations in making loans and rendering financial assistance to any person, firm, corporation, joint stock company or association.

7. Cooperate with, and avail itself of, the facilities of the Arizona development board or its successor and any other government agency, and to cooperate with and assist and otherwise encourage other organizations in the state in the promotion, assistance and development of the business, prosperity and economic welfare of the state.