Tennessee § 48-101-105 - Powers.

§ 48-101-105. Powers.

Subject to the limitations of this part and the certificate of incorporation, every corporation incorporated under this part has all the powers, privileges, and immunities of private corporations incorporated under the general laws of this state and, in addition, has the powers to: Borrow money for any of the purposes of the corporation; Issue therefor its bonds, debentures, notes, or other evidences of indebtedness, whether secured or unsecured; and 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; Lend money to, and to guarantee, endorse, or act as surety on the bonds, notes, contracts, or other obligations of, or otherwise assist financially any person, firm, corporation, joint stock company, association, or trust, and to establish and regulate the terms and conditions with respect to any such loans or financial assistance and the charges for interest and service connected therewith; provided, that the corporation shall not approve any application for a loan unless and until the person, firm, corporation, joint stock company, association, or trust applying for the loan shall show that such person or entity has applied for the loan through ordinary banking channels and that the loan has been refused by at least one (1) bank or other financial institution that would be qualified by statute to make such a loan, it not being the intention hereof to take from any banking organizations any such loans or commitments as may be desired by such organizations generally in the ordinary course of their business; Purchase, receive, hold, lease, or otherwise acquire, and to sell, convey, transfer, mortgage, lease, pledge, or otherwise dispose of, upon such terms and conditions as its board of directors may deem advisable, 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 such corporation from time to time in the satisfaction of debts or enforcement of obligations; Acquire the goodwill, business, rights, real and personal property and other assets, or any part thereof, or interest therein, of such persons, firms, corporations, joint stock companies, and to assume, undertake, guarantee, or pay the obligations, debts, and liabilities of any such person, firm, corporation, joint stock company, association, or trust; Acquire improved or unimproved real estate for the purpose of constructing industrial plants or other business establishments thereon or for the purpose of disposing of such real estate to others for the construction of industrial plants or other business establishments; and Acquire, construct, or reconstruct, alter, repair, maintain, operate, sell, convey, transfer, lease, or otherwise dispose of industrial plants or business establishments; 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, 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; Mortgage, pledge, or otherwise encumber any property, right or thing of value, acquired pursuant to the powers contained in subdivision (3), (4) or (5) as security for the payment of any part of the purchase price thereof; Cooperate with and avail itself of the facilities of the small business administration and the Small Business Investment Company Act of 1958 (15 U.S.C. § 661 et seq.), or any similar federal agencies or programs; Cooperate with and avail itself of the facilities of the former Tennessee board for economic growth [repealed] and any similar governmental agencies, and to cooperate with and assist, and otherwise encourage, local organizations in the various communities in the state in the promotion, assistance and development of the business prosperity and economic welfare of such communities or of the state, or of any part thereof; and Do all acts and things necessary or convenient to carry out the powers expressly granted in this part. Acts 1959, ch. 170, § 5; impl. am. Acts 1972, ch. 542, § 15; T.C.A., §§ 48-1705, 48-3-105; impl. am. Acts 1995, ch. 347, § 1. Compiler's Notes. The Tennessee board for economic growth, referred to in this section, was repealed by Acts 2009, ch. 105, §§ 2 and 3, effective April 27, 2009.