Section 12 Trust powers - Massachusetts Statutes

Section 12. The trust shall have the power to:

(a) make, amend, and repeal rules and regulations for the management of its affairs;

(b) adopt an official seal;

(c) sue and be sued, in its own name;

(d) make contracts and execute all instruments necessary or convenient for the carrying out of its business;

(e) enter into agreements or other transactions with any federal, state, or municipal agency;

(f) acquire real property, or an interest therein, by purchase or foreclosure, where such acquisition is necessary or appropriate to protect or secure any investment or loan in which the trust has an interest; to sell, transfer, and convey any such property to a buyer and in the event such sale, transfer, or conveyance cannot be effected with reasonable promptness or at a reasonable price, to lease such property to a tenant;

(g) invest any funds not required for immediate disbursement, in such investments as may be lawful for fiduciaries in the commonwealth;

(h) appoint officers, employees, consultants, agents, and advisors and prescribe their duties and fix their compensation within the limitations provided by law;

(i) appear in its own behalf before boards, commissions, departments, or other agencies of municipal, state, or federal government;

(j) consent, whenever it deems it necessary or desirable in the fulfillment of the purposes of this chapter, to the modification with respect to rate of interest, time of payment of any installment of principal or interest, or any other terms of any contract or agreement of any kind to which the fund is a party;

(k) apply for and accept grants, donations, and bequests, of money, property, labor or other things of value, to be held, used and applied for the purposes of sections eight to fifteen, inclusive, receipt of such donations and grants shall be detailed in the annual report of the trust, including the identity of the donor, the nature of the transaction and any conditions attached thereto;

(l) make loans to or otherwise finance or invest in any business or person seeking to purchase a business to further the purposes of sections seven to fifteen, inclusive; provided however, that such loans or investments comply with the provisions of section twelve;

(m) establish and collect such fees, charges, and interest rates as the trust shall determine to be reasonable;

(n) require, by contract in any financing agreement, or otherwise, specific operational activities, financial actions, or management changes, as conditions for the receipt of any loan, financing, or investment from the trust;

(o) do any and all things necessary or convenient to carry out its purposes and exercise the powers expressly granted in sections seven to fifteen, inclusive.