The authority shall have the following powers:

(1) To have succession by its corporate name without time limit.
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Terms Used In Alabama Code 9-14F-5

  • Devise: To gift property by will.
  • following: means next after. See Alabama Code 1-1-1
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • property: includes both real and personal property. See Alabama Code 1-1-1
  • Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
  • state: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Alabama Code 1-1-1
(2) To sue and be sued and to prosecute and defend, at law or in equity, in any court having jurisdiction of the subject matter and of the parties.
(3) To have and to use a corporate seal and to alter the same at its pleasure.
(4) To receive, take, and hold by sale, gift, lease, devise or otherwise, real and personal estate or property of every description, and to manage the same.
(5) To sell and issue the state bonds and refunding bonds as provided in this chapter.
(6) To appoint or employ attorneys, accountants, financial advisors, underwriters, trustees, depositories, registrars and other advisors, agents, and independent contractors as the business of the authority may require.
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