§163D-6  Subsidiaries; establishment. (a)  The corporation may exercise its powers through one or more subsidiarycorporations.  The corporation, by resolution, may direct any of its members,officers, or employees to organize a subsidiary corporation pursuant to eitherchapter 414 or chapter 414D; provided that the organization of a subsidiarycorporation shall not adversely affect the federal tax status of the intereston any bonds issued to finance any project or project facility.  The resolutionshall prescribe the purposes for which the subsidiary corporation isestablished.  The subsidiary corporation shall remain a subsidiary of thecorporation as long as more than one-half of its voting shares are owned orheld by the corporation, or a majority of its directors are designated by thecorporation; provided that the corporation shall not convey or otherwisedispose of any subsidiary corporation or surrender the right to designate amajority of the directors of any subsidiary corporation if the sale or surrenderhas an adverse affect on the federal tax status of the interest on any bondsissued to finance any project or project facility.  The subsidiary corporationmay be operated, maintained, and enhanced at the full discretion of thecorporation or its designee.

(b)  If the corporation acquires the assets ofa private or other corporation, then, notwithstanding any law to the contrary:

(1)  Neither the corporation nor any subsidiarycorporation vested with the assets shall be subject to chapter 91 with respectto the assets;

(2)  Employees retained to operate the assets shallnot be subject to chapter 76;

(3)  Assets constituting real property interest shallnot be subject to chapter 171;

(4)  No investment, loan, or use of funds by thecorporation or a subsidiary corporation vested with the assets shall be subjectto chapter 42F or 103; and

(5)  Neither the corporation nor a subsidiarycorporation vested with the assets shall constitute a public utility or besubject to the jurisdiction of the public utilities commission under chapter269.

(c)  The corporation may transfer to anysubsidiary corporation any moneys, any real, personal, or mixed property, orany project, in order to carry out the purposes of this chapter.  Eachsubsidiary corporation shall have all the powers of the corporation. [L 1994, c264, pt of §1; am L 1998, c 111, §6; am L 2000, c 253, §150; am L 2002, c 40,§4; am L 2004, c 216, §18]