US Laws, Codes, Statutes & Cases

53-7A-4. Corporation; powers.

The corporation shall have the powers conferred upon domestic nonprofit corporations by the Nonprofit Corporation Act [Chapter 53, Article 8 NMSA 1978] unless otherwise specified in the Economic Development Corporation Act [ 53-7A-1 to 53-7A-6 NMSA 1978] and shall also have the power to:   

A.     sue and be sued in its corporate name;   

B.     purchase, take, receive or otherwise acquire; own, hold, dispose of or use; and otherwise deal in and with property, including an interest in or ownership of intangible personal property, intellectual property or technological innovations;   

C.     sell, convey, pledge, exchange, transfer or otherwise dispose of its assets and properties for consideration upon terms and conditions that the corporation shall determine;   

D.     make contracts, incur liabilities or borrow money at rates of interest that the corporation may determine;   

E.     make and execute all contracts, agreements or instruments necessary or convenient in the exercise of the powers and functions granted the corporation by the Economic Development Corporation Act [ 53-7A-1 to 53-7A-6 NMSA 1978];   

F.     receive and administer grants, contracts and private gifts;   

G.     invest and reinvest its funds;   

H.     conduct its activities, carry on its operations, have offices and exercise the powers granted by the Economic Development Corporation Act [ 53-7A-1 to 53-7A-6 NMSA 1978];   

I.     employ officers and employees that it deems necessary, set their compensation and prescribe their duties;   

J.     enter into agreements with insurance carriers to insure against any loss in connection with its operations;   

K.     authorize retirement programs and other benefits for salaried officers and employees of the corporation; and   

L.     contract with economic development experts and other experts and consultants that may be required and to fix and pay their compensation.