Oklahoma § 74-1353 - Purpose and powers

§ 74-1353. Purpose and powers

The purposes of such corporations as authorized herein shall be

to promote, aid and, through the united efforts of the governmental

Oklahoma Statutes - Title 74. State Government

entities, institutions and corporations which shall from time to

time become members thereof, develop and advance the industrial and

business prosperity and welfare of the State of Oklahoma; to

encourage new industries; to stimulate and help to expand all kinds

of business ventures which tend to promote the growth of the state;

to act whenever and wherever deemed by it advisable in conjunction

with other organizations, the objects of which are the promotion of

industrial, agricultural or recreational developments within the

state; and in furtherance of such purposes, and in addition to the

powers conferred by the general laws relating to nonprofit

corporations, shall, subject to the restrictions and limitations

herein contained, have the following powers:

(a) To borrow money on secured or unsecured notes from any

banks, banking institution or insurance company, from any financial

institution, from any agency established under the Small Business

Investment Act of 1958 (Public Law 85-699, 85th Congress) or any

other federal or state agency that may legally loan to the

corporation; and to pledge bonds, notes and other securities as

collateral therefor.

(b) To lend money upon secured or unsecured notes; provided, it

shall not be the purpose hereof to take from any banking

institutions within the state any such loans or commitments as may

be desired by such institutions generally in the ordinary course of

their business.

(c) To establish and regulate the terms and conditions of any

such loans and charges for interest or service connected therewith.

(d) To purchase, hold, lease and otherwise acquire and to convey

such real estate as may, from time to time, be acquired by it in

satisfaction of debts or may be acquired by it in the foreclosure of

mortgages thereon or upon judgments for debts or in settlements to

secure debts.

(e) To purchase bonds, stocks, or debentures of any corporation

and sell, convert, or otherwise dispose of such evidences of

indebtedness.

(f) Contract with the United States of America, the State of

Oklahoma, or any of the agencies, subdivisions, or entities thereof,

and other persons for developing and operating antipoverty programs,

economic development programs, and area redevelopment programs in

the state.

(g) Make application for, accept, acquire, receive, take and

hold by bequest, devise, grant, gift, purchase, exchange, lease,

transfer, judicial order or decree, or otherwise, for any of its

objects and purposes, any property, both real and personal, of

whatever kind, nature or description, or wherever situated, for use

in the furtherance of the purpose for which such corporation is

organized. Own, develop, plat, dedicate lands and construct thereon,

maintain manufacturing or industrial buildings, dwelling houses,

Oklahoma Statutes - Title 74. State Government

apartment houses, hotels and other buildings and improvements of

every kind and equip and manage, rent, lease, either as lessor or

lessee, sell, exchange or otherwise dispose of the same, to enter

into contracts with others for the construction, repair and

maintenance in their behalf of manufacturing and industrial

buildings, dwelling houses, apartment houses, hotels and other

buildings and improvements of every kind, all in furtherance of the

objects and purposes of the corporation.

Laws 1968, c. 123, § 3, emerg. eff. April 4, 1968.