As Amended
SEC. 79-5-9. Powers.
In furtherance of the purposes herein set forth, and in addition to the powers conferred on business corporations by the provisions of Chapter 3, Title 79, Mississippi Code of 1972, corporations organized under this chapter shall, subject to the restrictions and limitations herein contained, have the following powers:
(a) To elect, appoint and employ officers, agents and employees, and to make contracts and incur liabilities for any of the purposes of the corporation.
(b) To borrow money for any of the purposes of the corporation; to issue therefor its bonds, debentures, notes, or other evidences of indebtedness, whether secured or unsecured, and to secure the same by mortgage, pledge, deed of trust, or other lien on its property, franchises, rights and privileges of every kind and nature, or any part thereof, or interest therein, without securing stockholder or member approval.
(c) To make loans and to participate in the making of loans to any person, firm, corporation, joint stock company, partnership, association or trust, and establish and regulate the terms and conditions with respect to any such loans, and the charges for interest and service connected therewith; provided, however, that the corporation shall not approve any application for a loan unless and until the person applying for such loan shall show that he has applied for a loan through ordinary channels and that the loan has been refused by at least one bank or other financial institution.
(d) To purchase, receive, hold, lease or otherwise acquire, and to sell, convey, transfer, lease, or otherwise dispose of real and personal property, together with such rights and privileges as may be incidental and appurtenant thereto and the use thereof, including, but not restricted to, any real or personal property acquired by the corporation from time to time in the satisfaction of debts or enforcement of obligations.
(e) To acquire the good will, business rights, real and personal property, and other assets, or any part thereof, or interest therein, of persons, firms, corporations, joint stock companies, partnerships, associations or trusts, and to assume, undertake, guarantee, or pay the obligations, debts and liabilities of any such person, firm, corporation, joint stock company, partnership, association or trust; to acquire improved or unimproved real estate and other facilities for the purpose of constructing industrial plants or other business establishments thereon or for the purpose of disposing of such real estate or facilities to others for the construction of industrial plants or other business establishments; and to acquire, construct or reconstruct, alter, repair, maintain, operate, sell, convey, transfer, lease, and otherwise dispose of industrial plants, business establishments, and other facilities incident thereto.
(f) To acquire, subscribe for, own, hold, sell, assign, transfer, mortgage, pledge or otherwise dispose of the stock, shares, bonds, debentures, notes or other securities and evidences of interest in, or indebtedness of, any person, firm, corporation, joint stock company, partnership, association or trust, and while the owner or holder thereof to exercise all the rights, powers and privileges of ownership, including the right to vote thereon.
(g) To mortgage, pledge, or otherwise encumber any property right or thing of value, acquired pursuant to the powers contained in paragraphs (d), (e), or (f), as security for the payment of any part of the purchase price thereof.
(h) To cooperate with and avail itself of the facilities of the state agricultural and industrial board, and any similar governmental agencies; and to cooperate with and assist, and otherwise encourage, organizations, local or regional, private or public, in the various communities of the state in the promotion, assistance and development of the business prosperity and economic welfare of such communities, or of this state, or of any part thereof.
(i) To do all acts and things necessary or convenient to carry out the powers expressly granted in this chapter.
SOURCES: Codes, 1942, Sec. 5390-05; Laws, 1960, ch. 186, Sec. 5, eff from and after passage (approved March 23, 1960).