§ 16-57-5 - General powers. - Rhode Island Statutes

SECTION 16-57-5

   § 16-57-5  General powers. – The authority shall have all of the powers necessary and convenient to carryout and effectuate the purposes and provisions of this chapter, includingwithout limiting the generality of the foregoing the power:

   (1) To sue and be sued, complain and defend, in its corporatename.

   (2) To have a seal which may be altered at pleasure and touse the seal by causing it, or a facsimile of it, to be impressed or affixed orin any other manner reproduced.

   (3) To acquire the assets and assume the liabilities or toeffect the merger into itself of any corporation or other organizationincorporated or organized under the laws of this state, which corporation ororganization has as its principal business the guaranteeing of loans tostudents in eligible institutions, all upon any terms and for any considerationas the authority shall deem to be appropriate.

   (4) To make contracts and guarantees and incur liabilities,and borrow money at any rates of interest as the authority may determine.

   (5) To make and execute all contracts, agreements, andinstruments necessary or convenient in the exercise of the powers and functionsof the authority granted by this chapter.

   (6) To lend money for its purposes, and to invest andreinvest its funds.

   (7) To conduct its activities, carry on its operations, andhave offices and exercise the powers granted by this chapter, within or withoutthe state.

   (8) To elect, appoint, or employ in its discretion officersand agents of the authority, and define their duties.

   (9) To make and alter bylaws, not inconsistent with thischapter, for the administration and regulation of the affairs of the authority,and the bylaws may contain provisions indemnifying any person who is or was adirector, officer, employee, or agent of the authority, in the manner and tothe extent provided in § 7-1.2-814.

   (10) To have and exercise all powers necessary or convenientto effect its purposes.