Oklahoma § 18-904 - Powers

§ 18-904. Powers

To accomplish its purposes, the corporation shall, subject to

the restrictions and limitations herein contained, have the

following powers:

(1) To elect, appoint, and employ officers, agents and employees

and to make contracts and incur liabilities for any of the purposes

of the corporation.

Oklahoma Statutes - Title 18. Corporations

(2) To borrow money from its members, any agency or governmental

entity of the Federal Government or the State of Oklahoma or any

agency or department thereof or any other corporation or person, for

any of the purposes of the corporation; to issue therefor its bonds,

debentures, notes or other evidence 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.

(3) To make loans to any person, firm, corporation, association

or trust, and to establish and regulate the terms and conditions

with respect to any such loans, provided however, that the

corporation shall not approve any application for a loan unless and

until the person applying for said loan shall show that he has

applied for the loan through ordinary banking channels and that the

loan has been refused by at least one bank or other financial

institution.

(4) To mortgage, hold, 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, association or trust, and allow the owner or

holder thereof to exercise all the rights, powers and privileges of

ownership, including the right to vote thereon. In the event of

default, the Business Development Corporation must divest itself of

the acquired assets within a reasonable period of time.

(5) To cooperate with and avail itself of the facilities of the

United States Department of Commerce, the Oklahoma Parks and

Industries Board and any other similar state or federal governmental

agency; and to cooperate with and assist, and otherwise encourage

organizations 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.

(6) To do all acts and things necessary or convenient to carry

out the powers expressly granted in this act.

Laws 1970, c. 187, § 4, emerg. eff. April 13, 1970.