§206M-53  Powers of the board.  [Repealand reenactment on June 30, 2011.  L 2006, c 282, §7.]  The high technologyinnovation corporation, under the direction of its board of directors, shallhave the following general powers:

(1)  To adopt, amend, and repeal bylaws governing theconduct of its business and the exercise of the powers and performance ofduties granted to or imposed upon it by law;

(2)  To sell, lease, rent, hold, maintain, use, andoperate any property, real, personal, or mixed, tangible or intangible, inaccordance with the conditions under which it was received;

(3)  To enter into and perform contracts, leases,cooperative agreements, or other transactions with the high technologydevelopment corporation or any other agency or political subdivision of theState, any private person, firm, partnership, association, company, orcorporation, only as it may be necessary in the conduct of its business and onterms as it may deem appropriate; provided that the high technology innovationcorporation shall not obligate any funds of the State except funds that havebeen appropriated to it by the legislature or transferred or contracted to itby the high technology development corporation or other agency or department ofthe state government.  Notwithstanding the foregoing, the high technologyinnovation corporation may enter into and perform contracts, leases,cooperative agreements, or other transactions with any agency orinstrumentality of the United States, a foreign nation, a state, a territory ora possession, or with any political subdivision thereof, whenever the donatingor granting agency or instrumentality determines that the high technologydevelopment corporation or any other agency of the State cannot as effectivelyand efficiently accomplish the purposes for which the contracts, leases,cooperative agreements, or other transactions are being entered into; providedthat the high technology innovation corporation shall not obligate any funds ofthe State except funds that have been appropriated or transferred to it orcontracted for it;

(4)  To receive by gifts, grants, devises, bequests,or otherwise, from private sources only, any property, real, personal, ormixed, intangible or tangible, absolutely or in trust, to be used and disposedof, either the principal or the income therefrom, in accordance with theconditions under which it was received; provided that no gift to the hightechnology innovation corporation shall be accepted unless approved orconfirmed by its board of directors.  Notwithstanding the foregoing, the hightechnology innovation corporation may receive gifts, grants, or awards from anyagency or instrumentality of the United States, a foreign nation, a state, aterritory or a possession, or from any political subdivision thereof, wheneverthe donating or granting agency or instrumentality determines that the hightechnology development corporation or any other agency of the State cannot aseffectively and efficiently accomplish the purposes for which the gifts,grants, or awards are being made; provided that no gift to the high technologyinnovation corporation shall be accepted unless approved or confirmed by itsboard of directors;

(5)  To have a corporate seal;

(6)  To sue and be sued in its own name;

(7)  To serve as trustee or beneficiary under terms ofany gift, indenture, or will;

(8)  To apply for, take out, receive by purchase orgift, hold, administer, and dispose of copyrights, patent rights, licenses,assignments of inventions, discoveries, processes, and other property, rightsor interests therein, and the income thereof, absolutely or subject toconditions or trusts as may be attached thereto or be imposed thereon, and toobligate itself to perform and execute any and all conditions or trusts;

(9)  To conduct programs, projects, research, studies,experiments, investigations, and tests in all fields of knowledge; to promoteand develop the scientific and commercial value of inventions, discoveries, andprocesses; and to make, publish, and distribute the results thereof;

(10)  To coordinate and correlate activities andprojects of the high technology innovation corporation with the work of stateagencies for the purpose of relating research work to the economic developmentof the State whenever practical or desirable;

(11)  To stimulate and promote cooperative researchprojects and activities;

(12)  To establish and maintain, or to assist inestablishing and maintaining staff positions for the purpose of aiding intechnology-based economic development, and to enter into agreements orcontracts with other corporations, organizations, institutions, or persons forthis purpose and to pay the necessary and appropriate expenses therefor;

(13)  To prepare, print, or publish any manuscript,research article, report, study, discussion, reference, collection, or anypictorial or schematic representation or group or collection thereof, whetherthe same belongs to or is the work of any state agency or its employees, or thehigh technology innovation corporation or its employees or a contractor of thehigh technology innovation corporation.  The printing or publication may beaccomplished through whatever person, company, or agency is deemed mostappropriate by the board of directors;

(14)  To establish operational bank accounts as may benecessary in the conduct of its business and its out-of-state offices,including accounts in in‑state and out-of-state locations and accounts offoreign denomination in out-of-state locations, without the approval of thedirector of budget and finance or the comptroller of accounting and generalservices; and

(15)  To do any or all other acts reasonably necessaryto carry out the objects and purposes of the high technology innovationcorporation. [L 2005, c 173, pt of §1; am L 2006, c 282, §3; am L 2007, c 195,§1]