A land bank shall possess all powers necessary or appropriate to carry out and effectuate the purposes and provisions of this chapter, including the following powers in addition to those herein otherwise granted:
(1)To adopt, amend, and repeal bylaws for the regulation of its affairs and the conduct of its business.
(2)To sue and be sued in its own name and plead and be interpleaded in all civil actions, including actions to clear title to property of the land bank.
(3)To adopt a seal and to alter the same at pleasure.
(4)To borrow from private lenders, from municipalities, from a county, from the State, or from federal government funds, as may be necessary, for the operation and work of the land bank.
(5)To borrow and issue bonds according to the provisions of this chapter.
Free access — add to your briefcase to read the full text and ask questions with AI
A land bank shall possess all powers necessary or appropriate to carry out and effectuate the purposes and provisions of this chapter, including the following powers in addition to those herein otherwise granted:
(1) To adopt, amend, and repeal bylaws for the regulation of its affairs and the conduct of its business.
(2) To sue and be sued in its own name and plead and be interpleaded in all civil actions, including actions to clear title to property of the land bank.
(3) To adopt a seal and to alter the same at pleasure.
(4) To borrow from private lenders, from municipalities, from a county, from the State, or from federal government funds, as may be necessary, for the operation and work of the land bank.
(5) To borrow and issue bonds according to the provisions of this chapter.
(6) To procure insurance or guarantees from municipalities, counties, the State, or the federal government of the payments of any debts or parts thereof incurred by the land bank and to pay premiums in connection therewith.
(7) To enter into contracts and other instruments necessary, incidental, or convenient to the performance of its duties and the exercise of its powers, including intergovernmental agreements provided for in § 4705(b) of this title for the joint exercise of powers under this chapter.
(8) To make and execute contracts and other instruments necessary or convenient to the exercise of the powers of the land bank.
(9) To procure insurance against losses in connection with the real property, assets, or activities of the land bank.
(10) To invest money of the land bank, at the discretion of the board of directors, in instruments, obligations, securities, or property determined proper by the board of directors, and name and use depositories for its money.
(11) To enter into contracts for the acquisition, management, collection of rent, leasing, or sale of real property of the land bank.
(12) To design, develop, construct, demolish, reconstruct, rehabilitate, renovate, relocate, and otherwise improve real property or rights or interests in real property.
(13) To fix, charge, and collect rents, fees, and charges for the use of real property of the land bank and for services provided by the land bank.
(14) To grant or acquire a license, easement, lease, or option with respect to real property of the land bank.
(15) To enter into partnership, joint ventures, and other collaborative relationships with foreclosing governmental units and other public and private entities for the ownership, management, development, and disposition of real property.
(16) To solicit and accept donations to support the objectives and purposes of the land bank.
(17) To do all other things necessary or convenient to achieve the objectives and purposes of the land bank or other laws that relate to the purposes and responsibility of the land bank.