§ 15-4-916 - Powers. - Arkansas Statutes

15-4-916. Powers.

In furtherance of the purposes set out in 15-4-902, each corporation organized under this subchapter shall have the power:

(1) To sue and be sued, complain, and defend in its corporate name;

(2) To have perpetual succession unless a limited period of duration is stated in its articles of incorporation;

(3) To adopt a corporate seal, which may be altered at pleasure, and to use it or a facsimile thereof as required by law;

(4) Within the limitations hereinafter imposed and in the manner hereinafter prescribed, to borrow money and otherwise contract indebtedness, to issue its bonds, notes, debentures, or other obligations therefor with or without security, and, if with security, to secure the payment thereof by mortgage, pledge, or deed of trust on all or any part of its property, assets, revenues, or income;

(5) To purchase, receive, lease as lessee, or in any other manner acquire, own, hold, maintain, sell, exchange, and use any and all real and personal property or any interest therein;

(6) To sell and convey, mortgage, pledge, lease as lessor, and otherwise dispose of all or any part of its property or assets;

(7) In the exercise of good judgment, to make sound and prudent loans to any person, firm, corporation, joint-stock company, association, or trust and to establish and regulate the terms and conditions with respect to any such loans and the charges for interest and service connected therewith, consistent with the provisions of this subchapter;

(8) To purchase, hold, sell, assign, transfer, mortgage, pledge, or otherwise dispose of bonds, securities, or evidences of indebtedness created by any other corporation of this state or any other state or government or created by any individual, unincorporated association, trust estate, improvement district, or government or municipal agency of any character;

(9) To purchase, hold, sell, assign, transfer, mortgage, pledge, or otherwise dispose of the shares of the capital stock of any other corporation of this or any other state or government subject to such restrictions and limitations, if any, as may be imposed by the laws of this or any other state in which the corporation may do business, and while owner of such stock, to exercise all the rights, powers, and privileges of ownership, including the right to vote thereon;

(10) To make any and all contracts necessary or convenient for the exercise of the powers granted in this subchapter;

(11) To elect or appoint officers, agents, and employees of the corporation and to define their duties and fix their compensation;

(12) To conduct its business and to have officers within or without the state;

(13) To accept gifts or grants of money, service, or property, real or personal;

(14) With the approval of the board, by action of the directors of the corporation, to make and alter bylaws and regulations not inconsistent with the articles of incorporation or with the laws of this state for the administration and regulation of the affairs of the corporation;

(15) To encourage and promote the cultural, industrial, economic, and recreational development of the State of Arkansas;

(16) To do and perform any and all acts and things and to have and exercise any and all powers as may be necessary, convenient, or appropriate to effectuate the purpose for which the corporation is organized; and

(17) (A) To assist minority businesses in obtaining loans or other means of financial assistance.

(B) The terms and conditions of the loans or financial assistance, including the charges for interest and other services, will be consistent with the provisions of this subchapter.

(C) In order to comply with this requirement, efforts must be made to solicit for review and analysis proposed minority business ventures.

(D) Basic loan underwriting standards will not be waived to inconsistently favor minority persons or businesses, or both, from the intent of the corporation's lending practices.