§ 14-138-110 - Powers generally. - Arkansas Statutes

14-138-110. Powers generally.

The corporation shall have the following powers, together with all powers incidental thereto or necessary to the discharge thereof:

(1) To have succession by its corporate name until dissolved as provided in this chapter;

(2) To sue and be sued and to prosecute and defend suits in any court having jurisdiction of the subject matter and of the parties;

(3) To make use of a corporate seal and to alter it at pleasure;

(4) To adopt and alter bylaws for the regulation and conduct of its affairs and business;

(5) To acquire, whether by purchase, gift, lease, devise, or otherwise, property of every description which the board may deem necessary to the acquisition, construction, equipment, improvement, enlargement, operation, or maintenance of a project, and to hold title thereto;

(6) To construct, enlarge, equip, improve, maintain, and operate one (1) or more projects;

(7) To borrow money for any of its corporate purposes;

(8) To sell and issue its interest-bearing revenue bonds;

(9) To sell and issue refunding revenue bonds;

(10) To secure any of its bonds by pledge and indenture as provided in this chapter;

(11) To appoint, employ, and compensate such agents, architects, engineers, attorneys, and other persons and employees as the business of the corporation may require;

(12) To provide for such insurance as the board may deem advisable;

(13) To invest in obligations that are direct or guaranteed obligations of the United States of America, or other securities in which public funds may be invested under the laws of this state, any of its funds that the board may determine are not presently needed for its corporate purposes;

(14) To contract, lease, and make lease agreements respecting its properties, or any part thereof; and

(15) To sell, convey, or otherwise dispose of any of its properties that may have become obsolete or worn out, or that may no longer be needed or useful in connection with, or in the operation of, any project.