64-1-503 - General powers and duties. - Tennessee Statutes

64-1-503. General powers and duties.

The agency has the following general powers, functions and duties:

     (1)  Perpetual succession in the corporate name;

     (2)  Sue and be sued in the corporate name;

     (3)  Adopt, use and alter a corporate seal, which shall be judicially noticed;

     (4)  Enter into such contracts and cooperative agreements with federal, state and local governments, and agencies thereof, with private individuals, corporations, associations and other organizations as the board may deem necessary or convenient in carrying out the purposes of this part;

     (5)  Adopt, amend and repeal bylaws;

     (6)  Appoint such managers, officers, employees, attorneys and agents as the board deems necessary for the transaction of its business, fix their compensation, define their duties and require bonds of such of them as the board may determine;

     (7)  (A)  Receive and expend funds from any source for staffing and other administrative expenses, research, planning, coordination, economic development, demonstration, projects and other activities deemed necessary to promote the efficient, harmonious and economic development of the region;

          (B)  Receive grants from private foundations and other sources for the purposes of research and for demonstration projects oriented to human, physical and natural resources utilization;

     (8)  Cooperate and coordinate its activities with local and state planning agencies and other areas in developing and implementing plans for development;

     (9)  Cooperate and coordinate its activities with the federal agencies having responsibility for developing natural, human and physical resources of the region;

     (10)  Cooperate with local and regional financial institutions in assembling financial resources for commercial, industrial and other development;

     (11)  Compile, prepare, publish and disseminate information about the economic resources of the region and about sub-areas;

     (12)  Encourage and assist in the creation of private and semi-public, nonprofit organizations as needed and under existing laws of the state for carrying out specific projects and programs initiated under federal and state laws;

     (13)  Enter into compacts or contractual arrangements with planning agencies of other adjoining or neighboring states, for the purpose of preparing joint-comprehensive plans for development of a broader area or region;

     (14)  Acquire by purchase, lease, or gift any real and personal property, or any interest therein, that the board deems necessary or convenient in carrying out the purposes of this part; and

     (15)  Have and exercise such other authority as deemed necessary by the board to further and promote the orderly and economic development of the region.

[Acts 1968, ch. 460, § 3; T.C.A., § 66-1-503; Acts 2006, ch. 863, § 7.]