17:52-12 - Powers
17:52-12.Ā Powers
Every corporation organized pursuant to this act shall have power to
(a) lend money and make investments for the purposes expressed in section 1Ā of this act, but no such corporation shall lend any money or advance any creditĀ to any borrower except upon proof that the borrower has applied for a loan toĀ at least 2 banking institutions transacting business in this State, and hasĀ been refused such loan, and unless the board of directors of the corporation isĀ satisfied that the loan applied for is not one that is obtainable from aĀ financial institution transacting business in this State;
(b) borrow money, and otherwise incur indebtedness for any of its purposes; evidence its indebtedness by any form of obligation it sees fit; and secureĀ any indebtedness incurred by it;
(c) buy, sell, encumber and otherwise dispose of such personal property as shall be necessary or convenient for the transaction of its business;
(d) buy, sell, mortgage, rent, lease, and otherwise deal in improved and unimproved real property for the purpose of industrial, mercantile, agricultural, recreational, mining or commercial development, and to erect, maintain, alter, hold, sell or lease industrial, commercial or other plants, buildings or establishments;
(e) co-operate with and assist local organizations and governmental units ofĀ this State in the promotion of the economic welfare of the State and its governmental subdivisions;
(f) exercise all other powers which a corporation organized pursuant to Title 14, Corporations, General, may exercise, to the extent that such powers are not inconsistent with the provisions of this act.
L.1957, c. 218, p. 758, s. 12.
Ā
Every corporation organized pursuant to this act shall have power to
(a) lend money and make investments for the purposes expressed in section 1Ā of this act, but no such corporation shall lend any money or advance any creditĀ to any borrower except upon proof that the borrower has applied for a loan toĀ at least 2 banking institutions transacting business in this State, and hasĀ been refused such loan, and unless the board of directors of the corporation isĀ satisfied that the loan applied for is not one that is obtainable from aĀ financial institution transacting business in this State;
(b) borrow money, and otherwise incur indebtedness for any of its purposes; evidence its indebtedness by any form of obligation it sees fit; and secureĀ any indebtedness incurred by it;
(c) buy, sell, encumber and otherwise dispose of such personal property as shall be necessary or convenient for the transaction of its business;
(d) buy, sell, mortgage, rent, lease, and otherwise deal in improved and unimproved real property for the purpose of industrial, mercantile, agricultural, recreational, mining or commercial development, and to erect, maintain, alter, hold, sell or lease industrial, commercial or other plants, buildings or establishments;
(e) co-operate with and assist local organizations and governmental units ofĀ this State in the promotion of the economic welfare of the State and its governmental subdivisions;
(f) exercise all other powers which a corporation organized pursuant to Title 14, Corporations, General, may exercise, to the extent that such powers are not inconsistent with the provisions of this act.
L.1957, c. 218, p. 758, s. 12.
Ā