§ 17:3396.5 — Powers

Louisiana § 17:3396.5

• Jurisdiction: Louisiana
• Title 17: Credit Union Law

Text

In addition to the powers granted it by the Nonprofit Corporation Law, as provided in Chapter 2 of Title 12 of the Louisiana Revised Statutes of 1950, the corporation shall have the following powers and authorities:
(1) To acquire, purchase, hold, use, improve, lease, mortgage, sell, transfer, and dispose of any property, real, personal, or mixed, or any interest therein.
(2) To receive and accept from any agency of the United States or any agency of the state of Louisiana or any municipality, parish, or other political subdivision thereof, or from any individual, association, or corporation, gifts, grants, or donations of monies or other property for achieving any of the purposes of this Part, and to invest and disperse funds of the corporation.
(3) To create, develop, construct, operate, manage, and finance research and development parks, related facilities, and infrastructure.
(4) To receive and accept from any source loans, contributions, or grants for or in aid of any purpose of the corporation, or the financing thereof in either money, property, labor, or other things of value.
(5) From time to time to borrow money and incur debt.
(6) To make bylaws for the management and regulation of its affairs.
(7) To make and enter into contracts and to execute all instruments necessary or convenient for the carrying out of business.
(8) To make and enter into cooperative endeavor agreements with the United States, or its agencies, or with any public or private association, corporation, or individual.
(9) To delegate authority to any agent or establish any committee in order to accomplish the purposes of the corporation.
(10) To mortgage, pledge, hypothecate, or otherwise encumber the property, real, personal, or mixed, or facilities, or revenues of the corporation as security for notes, evidences of indebtedness, or other obligations of the corporation and to assign or pledge all or any portion of its interest in property, corporeal or incorporeal, and the revenues therefrom.
(11) To maintain an inventory of research efforts in Louisiana.
(12) To attract investments in research and development and high technology industries by focusing attention on various educational, cultural, scientific, and economic activities in Louisiana and by assisting potential investors with information requested to determine whether to invest in Louisiana.
(13) To hire an executive director or president, who shall be an employee of the corporation, to manage the day to day affairs of the corporation.

Legislative History

Acts 1992, No. 882, §1.