Vermont § 374d - General powers The corporation shall have the powers necessary to carry out the purposes and provisions of this chapter, including those general powers provided a business corporation by 11A V.S.A. § 3.02

§ 374d. General powers The corporation shall have the powers necessary to carry out the purposes and provisions of this chapter, including those general powers provided a business corporation by 11A V.S.A. § 3.02

• . In addition, the corporation shall have the power to: (1) execute contracts and all other instruments necessary for the exercise of its powers
  and functions under this chapter; (2) without limitation, acquire or dispose of real or personal property or any interest
  in real or personal property; (3) receive and accept gifts, grants, or contributions from any source, for any purpose
  consistent with this chapter; (4) provide or contract for consolidated processing of any aspect of the financing of
  eligible borrowers in order to avoid duplication; (5) procure insurance against any loss; (6) invest monies of the corporation not required for immediate use; (7) borrow money and issue notes and other evidences of indebtedness for lending and administrative
  and other expenses. The corporation may sell, transfer, pledge, mortgage, hypothecate,
  or otherwise dispose of loans under its management. Neither the full faith and credit
  of the State of Vermont nor any of the assets of the Authority are pledged to secure
  repayment of the indebtedness of the corporation; (8) consent to any modification with respect to rate of interest, time, and payment of
  any contract or agreement of any kind to which the corporation is a party; (9) procure or agree to the procurement of insurance, guarantees, or interest rate subsidy
  assistance on any notes or any other evidence of indebtedness issued to the corporation; (10) make loans or advances secured by a mortgage or a security agreement, which may be
  subordinate to one or more prior mortgages or security agreements, to eligible borrowers
  under such terms and conditions as the corporation deems prudent and consistent with
  the purposes of this chapter and for such fees, and at such rate or rates of interest,
  as determined by the corporation, provided that the interest rate or rates charged
  by the corporation shall not exceed the rate paid or to be paid by the corporation
  for monies borrowed by the corporation to fund loans plus 300 basis points; (11) take title, by foreclosure or other process available under the law, to any real or
  personal property where such action is necessary to protect any loan previously made
  by the corporation, pay all costs arising out of the legal action and acquisition
  from monies held in the Fund, and sell or transfer any such property to any responsible
  buyer. If the transfer or conveyance of assets acquired under this subdivision cannot
  be effected with reasonable promptness, the corporation may, in order to minimize
  financial losses and sustain a farm operation or agricultural facility, lease the
  assets owned by it to responsible persons on such terms and conditions as the corporation
  deems reasonable; (12) purchase prior mortgages and make payments on prior mortgages or security interests
  on any assets pledged as security for loans of the corporation where the purchase
  or payment is necessary to protect any loan previously made by the corporation. In
  addition, the corporation may sell, transfer, and assign a prior mortgage or prior
  security interest. Monies used by the corporation for the purchase of any prior mortgages,
  or any payments on prior mortgages, shall be withdrawn from the Fund established pursuant
  to section 374e of this title, and any monies derived from the sale of any prior mortgages shall be deposited in
  the Fund; (13) employ or contract for services with agents, consultants, legal advisors, and other
  experts, as may be necessary for its purposes; (14) participate in eligible and qualified loan projects with lenders, including the farm
  credit system, banks, and insurance companies; (15) execute lease agreements for the purpose of leasing personal property under financing
  leases, which leases transfer the ownership of the leased personal property to each
  lessee following the payment of all required lease payments as specified in each lease
  agreement; (16) sell loans, or portions thereof, in order to provide further funding for lending under
  this chapter. Proceeds from sales of loans shall be deposited in the Agricultural
  Credit Development Fund established under section 374e of this title; (17) establish policies and procedures consistent with the purpose of providing sound and
  constructive credit to eligible loan applicants; and (18) do all things necessary to carry out the purposes and provisions of this chapter. (Added 1999, No. 25, § 1; amended 2003, No. 7, § 6, eff. April 25, 2003.)