2010 Rhode Island Code
Title 16 Education
CHAPTER 16-57 Higher Education Assistance Authority
§ 16-57-5 General powers.
§ 16-57-5 General powers. – The authority shall have all of the powers necessary and convenient to carry out and effectuate the purposes and provisions of this chapter, including without limiting the generality of the foregoing the power:
(1) To sue and be sued, complain and defend, in its corporate name.
(2) To have a seal which may be altered at pleasure and to use the seal by causing it, or a facsimile of it, to be impressed or affixed or in any other manner reproduced.
(3) To acquire the assets and assume the liabilities or to effect the merger into itself of any corporation or other organization incorporated or organized under the laws of this state, which corporation or organization has as its principal business the guaranteeing of loans to students in eligible institutions, all upon any terms and for any consideration as 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, and instruments necessary or convenient in the exercise of the powers and functions of the authority granted by this chapter.
(6) To lend money for its purposes, and to invest and reinvest its funds.
(7) To conduct its activities, carry on its operations, and have offices and exercise the powers granted by this chapter, within or without the state.
(8) To elect, appoint, or employ in its discretion officers and agents of the authority, and define their duties.
(9) To make and alter bylaws, not inconsistent with this chapter, for the administration and regulation of the affairs of the authority, and the bylaws may contain provisions indemnifying any person who is or was a director, officer, employee, or agent of the authority, in the manner and to the extent provided in § 7-1.2-814.
(10) To have and exercise all powers necessary or convenient to effect its purposes.
History of Section.
(P.L. 1977, ch. 238, § 1; P.L. 2005, ch. 36, § 12; P.L. 2005, ch. 72, § 12.)
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