In furtherance of its purposes and in addition
to the powers conferred on corporations by IC 23-1, a credit
corporation may:
(1)borrow money from any lending institution or from any
agency established under the Small Business Investment Act of
1958 (Public Law 85-699, 72 Stat. 689), as amended, or under
other federal or state statutes;
(2)do all things necessary or desirable to secure aid, assistance,
loans, and other financing from its members (whether as member
loans or otherwise);
(3)issue bonds, debentures, notes, or other evidences of
indebtedness, whether secured or unsecured, and secure any of
those instruments by a mortgage, pledge, deed of trust, or other
lien on any property, franchise, rights, or privileges of the credit
corporation, without securing member or shareholder app
Free access — add to your briefcase to read the full text and ask questions with AI
In furtherance of its purposes and in addition
to the powers conferred on corporations by IC 23-1, a credit
corporation may:
(1) borrow money from any lending institution or from any
agency established under the Small Business Investment Act of
1958 (Public Law 85-699, 72 Stat. 689), as amended, or under
other federal or state statutes;
(2) do all things necessary or desirable to secure aid, assistance,
loans, and other financing from its members (whether as member
loans or otherwise);
(3) issue bonds, debentures, notes, or other evidences of
indebtedness, whether secured or unsecured, and secure any of
those instruments by a mortgage, pledge, deed of trust, or other
lien on any property, franchise, rights, or privileges of the credit
corporation, without securing member or shareholder approval;
(4) 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, limited liability
company, or association;
(5) establish and regulate the terms and conditions of transactions
entered into under subdivision (4) and the charges for interest and
services connected with those transactions;
(6) acquire any interest in the goodwill, business rights, real and
personal property, and other assets of any persons or corporations
and assume, undertake, or pay the obligations, debts, and
liabilities of that person or corporation;
(7) acquire improved or unimproved real estate for the purpose of
constructing industrial plants or other business establishments;
(8) acquire, construct, reconstruct, alter, repair, maintain, operate,
sell, convey, transfer, lease, or otherwise dispose of industrial
plants or business establishments;
(9) acquire, subscribe for, own, sell, hold, 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 or corporation and, while
the owner or holder of such a property interest, exercise all the
rights, powers, and privileges of ownership, including the right to
vote;
(10) acquire and dispose of an interest in any other type of real or
personal property, including any real or personal property
acquired by the corporation from time to time in the satisfaction
of debts or as a result of the enforcement of obligations;
(11) mortgage, pledge, or otherwise encumber any property, right,
or thing of value acquired by the credit corporation as security for
the payment of any part of the purchase price for the acquired
item;
(12) cooperate with and avail itself of the facilities of the United
States Department of Commerce, the Indiana economic
development corporation, and any other similar state or federal
governmental agencies;
(13) cooperate with, assist, and otherwise encourage organizations
in the various communities of Indiana in the promotion,
assistance, and development of the business prosperity and
economic well-being of those communities, Indiana, or any
political subdivision of Indiana;
(14) make, amend, and repeal bylaws, not inconsistent with its
articles of incorporation or with the laws of Indiana, for the
administration and regulation of the affairs of the corporation,
which bylaws may:
(A) establish internal governance procedures and standards,
including procedures for voting by proxy at and for giving
notice of meetings of directors and of members and
shareholders, procedures and standards for the payment of
dividends, and procedures for the delegation by the board of
directors of its authority under the articles of incorporation and
this chapter to one (1) or more committees of the board or to
officers of the corporation; and
(B) give the board of directors or committees of the board the
power to pass resolutions necessary or convenient to carrying
out the purposes of the corporation; and
(15) do all acts and things necessary or convenient to carrying out
the powers expressly granted in this chapter.