2012 Code of Alabama
Title 16 - EDUCATION.
Chapter 26C - ALABAMA EDUCATION FOUNDATION.
Section 16-26C-7 - Powers of the foundation.
The foundation shall have the following powers:
(1) To have succession by its corporate name in perpetuity;
(2) To sue and to be sued and to prosecute and defend in any court having jurisdiction of the subject matter and of the parties thereto;
(3) To adopt and use a corporate seal and to alter the seal at pleasure;
(4) To adopt and amend bylaws;
(5) To execute contracts and other necessary documents;
(6) To acquire by gift, grant, purchase, or otherwise, and to hold title to, real or personal property, or both, together with all rights incidental thereto;
(7) To invest and reinvest any funds of the foundation in any instrument, obligation, security, or property that constitutes a legal investment of the Teachers' Retirement System of Alabama;
(8) To solicit and accept devises, bequests, grants, and donations;
(9) To promulgate rules and regulations; and
(10) To have all other powers necessary or desirable to accomplish its corporate purposes.
(Acts 1992, 2nd Ex. Sess., No. 92-716, p. 212, §7.)Disclaimer: These codes may not be the most recent version. Alabama may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
