10-2253. General powers
A corporation formed under the provisions of this chapter shall have all of the
powers, rights, privileges and immunities available to any other corporation incorporated
under chapters 1 through 18 of this title, and in addition thereto and subject to the
restrictions and limitations set forth in this chapter, shall have power to:
1. Borrow money and otherwise incur indebtedness for any of its purposes, to issue
its bonds, debentures, notes, other evidences of indebtedness, whether secured or
unsecured therefor, 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.
2. Lend money to and 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 or association, 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. No loan or financial assistance shall be made
available unless the loan or financial assistance applied for is not otherwise available
to the applicant from financial institutions on reasonable terms, it being the intent
hereof that customary sources of credit be utilized whenever possible.
3. Purchase, receive, hold, lease or otherwise acquire, and to sell, convey,
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 enforcements of
obligations.
4. Acquire the good will, business rights, real and personal property and other
assets or any part thereof, of such persons' firms, corporations, joint stock companies
or associations as may be in furtherance of the corporate purposes provided herein, and
to assume, undertake, guarantee or pay the obligations, debts and liabilities of any such
person, firm, corporation, joint stock company or association; to 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 in
furtherance of the corporate purposes provided herein, to acquire, construct or
reconstruct, alter, repair, maintain, operate, sell, lease or otherwise dispose of
industrial plants or business establishments.
5. 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 or association and while owner or holder thereof to exercise all the rights,
powers, and privileges of ownership including the right to vote thereon.
6. Accept grants, loans, subsidies and other aids from and to enter into agreement
or other transactions with any state or federal agency and to participate with such state
or federal agency and with other corporations in making loans and rendering financial
assistance to any person, firm, corporation, joint stock company or association.
7. Cooperate with, and avail itself of, the facilities of the Arizona development
board or its successor and any other government agency, and to cooperate with and assist
and otherwise encourage other organizations in the state in the promotion, assistance and
development of the business, prosperity and economic welfare of the state.
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