Delaware Code Title 22 Sec. 1305 – Powers
The general powers of an electric company shall include the power to:
(1) Plan, develop, acquire, construct, reconstruct, operate, manage, dispose of, participate in, maintain, repair, extend or improve 1 or more projects within or outside the State and act as agent, or designate 1 or more other persons participating in a project to act as its agent, in connection with the planning, acquisition, construction, operation, maintenance, repair, extension or improvement of such project.
(2) Produce, acquire, sell, distribute and process fuels necessary to the production of electric power and energy and implement energy conservation measures necessary to meet energy needs.
(3) Enter into franchises, exchange, interchange, pooling, wheeling, transmission and other similar agreements with any person or public agency.
(4) Make and execute contracts and other instruments necessary or convenient to the exercise of the powers of the company.
(5) Employ agents and employees.
(6) Contract with any person or public agency within or outside the State, for the construction of any project or for the sale or transmission of electric power and energy generated by any project, or for any interest therein or any right to capacity thereof, on such terms and for such period of time as its board of directors shall determine.
(7) Purchase, sell, exchange, transmit or distribute electric power and energy within and outside the State in such amounts as it shall determine to be necessary and appropriate to make the most effective use of its powers and to meet its responsibilities, and to enter into agreements with any person or public agency with respect to such purchase, sale, exchange or transmission, on such terms and for such period of time as its board of directors shall determine.
(8) Acquire, own, hold, use, lease (as lessor or lessee), sell or otherwise dispose of, mortgage, pledge or grant a security interest in any real or personal property, commodity or service or interest therein.
(9) Exercise the powers of eminent domain.
(10) Incur debts, liabilities or obligations including the borrowing of money and the issuance of bonds, secured or unsecured, as provided for in § 1311 of this title.
(11) Sue and be sued in its own name.
(12) Have and use a corporate seal.
(13) Fix, maintain and revise fees, rates, rents and charges for functions, services, facilities or commodities provided by the company.
(14) Make, and from time to time amend and repeal, bylaws, rules and regulations not inconsistent with this section to carry into effect the powers and purposes of the company.
(15) Notwithstanding any other law, invest any funds held in reserve or sinking funds, or any funds not required for immediate disbursement, including the proceeds from the sale of any bonds, in such obligations, securities and other investments as the company deems proper.
(16) Join organizations, membership in which is deemed by the board of directors to be beneficial to accomplishment of the company’s purposes.
(17) Exercise any other powers which are deemed necessary and convenient by the company to effectuate the purposes of the company.
(18) Do and perform any acts and things authorized by this chapter under, through or by means of any agent or by contracts with any person.
Terms Used In Delaware Code Title 22 Sec. 1305
- Bonds: means any bonds, interim certificates, notes, debentures or other obligations of a company issued under this chapter. See Delaware Code Title 22 Sec. 1302
- Contract: A legal written agreement that becomes binding when signed.
- 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
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Person: means a natural person, a public agency, cooperative or private corporation, association, firm, statutory trust, partnership or business trust of any nature whatsoever, organized and existing under the laws of any state or of the United States. See Delaware Code Title 22 Sec. 1302
- Personal property: All property that is not real property.
- Project: means any plant, works, system, facilities and real and personal property of any nature whatsoever, together with all parts thereof and appurtenances thereto, used or useful in the generation, production, transmission, distribution, purchase, sale, exchange or interchange of electric power and energy, or any interest therein or right to capacity thereof and the acquisition of fuel of any kind for any such purposes, including, but not limited to, the acquisition of fuel deposits and the acquisition or construction and operation of facilities for extracting fuel from natural deposits, for converting it for use in another form, for burning it in place, for transportation, storage and reprocessing or for any energy conservation measure which involves public education or the actual fitting and application of a device. See Delaware Code Title 22 Sec. 1302
- Public agency: means any municipality or other municipal corporation, political subdivision, government unit or public corporation created under the laws of this State or of another state or of the United States, and any state or the United States, and any person, board or other body declared by the laws of any state or the United States to be a department, agency or instrumentality thereof. See Delaware Code Title 22 Sec. 1302
- State: means the State of Delaware; and when applied to different parts of the United States, it includes the District of Columbia and the several territories and possessions of the United States. See Delaware Code Title 1 Sec. 302