Section 3 Powers of CDFC - Massachusetts Statutes

[Text of section effective until July 1, 2010. Repealed by 1987, 324, Sec. 6. See, also, 1990, 528, Sec. 6 and 2000, 159, Sec. 302.]

Section 3. The CDFC shall have the power to:

(a) Adopt by-laws for the regulation of its affairs and the conduct of its business.

(b) Adopt an official seal.

(c) Sue and be sued in its own name.

(d) Make and execute contracts and all other instruments necessary or convenient for the exercise of its power and functions.

(e) Acquire, hold and dispose of personal property for its corporate purposes.

(f) Enter into agreements or other transactions with any federal or state agency.

(g) 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 agency 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.

(h) Invest any funds held in reserves or sinking funds, or any funds not required for immediate disbursement, in such investments as may be lawful for fiduciaries in the commonwealth.

(i) Borrow money by the issuance of debt obligations whether tax exempt or taxable and secure such obligations by the pledge of its revenues or of the revenues, mortgages, and notes of others, provided that the corporation shall not issue debt obligations the principal amount of which, when added to the principal amount of the debt obligations theretofore issued by the corporation, excluding debt obligations previously refunded or being or to be refunded thereby, shall exceed thirty million dollars.

(j) Employ a president, who shall be the chief executive officer of the corporation, and such other agents, employees, professional and business advisers as may from time to time be necessary in the judgment of the board of directors and to fix their compensation. The president, professional advisers and business advisers shall not be subject to the provision of chapter thirty-one or section nine A of chapter thirty.

(k) Appear in its own behalf before boards, commissions, departments or other agencies of government, municipal, state or federal.

(l) Procure insurance against any loss in connection with its property in such amounts, and from such insurers, as may be necessary or desirable.

(m) Consent, subject to the provisions of any contract with noteholders or bondholders, whenever it deems it necessary or desirable in the fulfillment of the purposes of this act, 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 mortgage, mortgage loan, mortgage loan commitment, contract or agreement of any kind to which the CDFC is a party.

(n) Do any and all things necessary or convenient to carry out its purposes and exercise the powers expressly given and granted in this act.

(o) Receive and accept from any federal or state agency grants, loans or advances for or in aid of the purposes of this chapter and to receive and accept contributions from any source of either money, property, labor or other things of value, to be held, used and applied for said purposes.

(p) Create, issue, buy and sell stock and other capital participation instruments; to hold such stock and capital participation instruments and to underwrite the creation of a capital market for these securities in a manner which provides first offer of resale to the community development corporation, business or residents of the target area and which is designed to enhance development of capital ownership in the target area.

(q) Provide and pay for such advisory services and technical assistance as may be necessary or desirable to carry out the purposes of this act.

(r) Exercise any other powers or rights or responsibilities of a corporation organized under chapter 156B.