§ 74-1353 — Purpose and powers.

The purposes of such corporations as authorized herein shall be to promote, aid and, through the united efforts of the governmental entities, institutions and corporations which shall from time to time become members thereof, develop and advance the industrial and business prosperity and welfare of the State of Oklahoma; to encourage new industries; to stimulate and help to expand all kinds of business ventures which tend to promote the growth of the state; to act whenever and wherever deemed by it advisable in conjunction with other organizations, the objects of which are the promotion of industrial, agricultural or recreational developments within the state; and in furtherance of such purposes, and in addition to the powers conferred by the general laws relating to nonprofit corporations, shall, subject to the restrictions and limitations herein contained, have the following powers: (a) To borrow money on secured or unsecured notes from any banks, banking institution or insurance company, from any financial institution, from any agency established under the Small Business Investment Act of 1958 (Public Law 85-699, 85th Congress) or any other federal or state agency that may legally loan to the corporation; and to pledge bonds, notes and other securities as collateral therefor. (b) To lend money upon secured or unsecured notes; provided, it shall not be the purpose hereof to take from any banking institutions within the state any such loans or commitments as may be desired by such institutions generally in the ordinary course of their business. (c) To establish and regulate the terms and conditions of any such loans and charges for interest or service connected therewith. (d) To purchase, hold, lease and otherwise acquire and to convey such real estate as may, from time to time, be acquired by it in satisfaction of debts or may be acquired by it in the foreclosure of mortgages thereon or upon judgments for debts or in settlements to secure debts. (e) To purchase bonds, stocks, or debentures of any corporation and sell, convert, or otherwise dispose of such evidences of indebtedness. (f) Contract with the United States of America, the State of Oklahoma, or any of the agencies, subdivisions, or entities thereof, and other persons for developing and operating antipoverty programs, economic development programs, and area redevelopment programs in the state. (g) Make application for, accept, acquire, receive, take and hold by bequest, devise, grant, gift, purchase, exchange, lease, transfer, judicial order or decree, or otherwise, for any of its objects and purposes, any property, both real and personal, of whatever kind, nature or description, or wherever situated, for use in the furtherance of the purpose for which such corporation is organized. Own, develop, plat, dedicate lands and construct thereon, maintain manufacturing or industrial buildings, dwelling houses, apartment houses, hotels and other buildings and improvements of every kind and equip and manage, rent, lease, either as lessor or lessee, sell, exchange or otherwise dispose of the same, to enter into contracts with others for the construction, repair and maintenance in their behalf of manufacturing and industrial buildings, dwelling houses, apartment houses, hotels and other buildings and improvements of every kind, all in furtherance of the objects and purposes of the corporation.

Legislative History

Laws 1968, c. 123, § 3, emerg. eff. April 4, 1968.