§ 42-116-5. General powers of corporation.
(a) The corporation has all of the powers to do all of the things necessary and convenient
to carry out and effectuate the purposes and provisions of this chapter, including,
without limiting the generality of the foregoing, the powers:
(1) To adopt and amend bylaws for the governance of its affairs, the administration of
its assets, and the conduct of its business;
(2) To adopt an official seal;
(3) To maintain an office at a place or places it may determine;
(4) To adopt a fiscal year which coincides with the state's fiscal year;
(5) To adopt and enforce procedures, regulations, and rules in connection with the performance
of its functions and duties;
(6) To sue in any court of competent jurisdiction, to prosecute and defend actions relating
to its property and affairs; provided, however, that the corporation is not authorized
to become a debtor under the United States Bankruptcy Code;
(7) To employ personnel and to engage accounting, management, legal, financial, consulting,
and other professional services;
(8) To receive and apply its revenues in furtherance of the purposes of this chapter,
or the exercise of its powers, and payment of all costs incurred in connection therewith
without appropriation or allotment by the state or any political subdivision thereof;
(9) To borrow money, including short term start up borrowing from the state;
(10) To issue bonds and apply the proceeds thereof as provided in this chapter and to pledge
or assign or create security interests in assets, revenues, funds, and other property
of the corporation and otherwise as provided in this chapter to pay or secure such
bonds;
(11) To deposit, invest, and reinvest any funds held in reserves, or any revenues or funds
not required for immediate disbursement, in depository institutions and/or investments,
obligations and securities, respectively, as may be legal and prudent investments
for funds of the state, and pay fees thereof and receive interest thereon;
(12) To obtain insurance including fidelity bonds for employees and to enter into agreements
of indemnification necessary or convenient to the exercise of its powers under this
chapter;
(13) To apply for, receive, administer, and comply with the conditions and requirements
respecting any grant, gift, or appropriation of property, services, or moneys;
(14) To enter into contracts, arrangements, and agreements with other persons, and to modify
or consent to the modification of any of the foregoing to which the corporation is
a party or in which the corporation has an interest under this chapter, and execute
and deliver all instruments necessary or convenient to the exercise of its powers
under this chapter;
(15) To authorize a representative to appear on its own behalf before other public bodies
in all matters relating to its powers and purposes;
(16) To acquire, own, redeem, lease as tenant, or hold real, personal, intangible, or mixed
property or any interest in property and to exercise all of the usual incidents of
ownership of property necessary and convenient to the operations of the corporation;
and to collect, realize upon, foreclose, settle, release, improve, rehabilitate, sell,
compromise, assign, exchange, lease as landlord, mortgage, or otherwise dispose of
or encumber the property; and
(17) To exercise those powers granted to corporations organized under chapter 1.2 of title 7.
(b) Notwithstanding any other provision of this chapter, the corporation shall not have
the power of a bank or trust company within the jurisdiction or under the control
of the department of business regulation of the state, or its director, the comptroller
of the currency of the United States or the Treasury Department of the United States.