Maine Revised Statutes Title 10 Sec. 920 – General powers
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The Maine Development Foundation is empowered to: [PL 1977, c. 548, §1 (NEW).]
1. Suit. Sue or be sued in its own name;
[PL 1977, c. 548, §1 (NEW).]
Terms Used In Maine Revised Statutes Title 10 Sec. 920
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- 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.
- Lien: A claim against real or personal property in satisfaction of a debt.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Personal property: All property that is not real property.
2. Application for and receipt of funds. Apply for and receive funds from any private source or governmental entity, whether by way of grant, donation or loan or any other manner;
[PL 1977, c. 548, §1 (NEW).]
3. Economic development services; fees. Provide services to public or private entities to assist their efforts in economic development in Maine and to charge such fees for these services as it may deem appropriate;
[PL 1977, c. 548, §1 (NEW).]
4. Real and personal property. Purchase, receive, hold, lease or acquire by foreclosure, and operate, manage, license and sell, convey, transfer, grant or lease real and personal property, together with such rights and privileges as may be incidental and appurtenant thereto and the use thereof, including, but not restricted to, any real or personal property acquired by the foundation from time to time in the satisfaction of debts or enforcement of obligations;
[PL 1977, c. 548, §1 (NEW).]
5. Expenditures and obligations regarding real and personal property. Make all expenditures and incur any obligations reasonably required in the exercise of sound business principles to secure possession of, preserve, maintain, insure and improve real and personal property or interests therein acquired by the foundation;
[PL 1977, c. 548, §1 (NEW).]
6. Securities. Acquire, subscribe for, own, hold, sell, assign, transfer, mortgage or pledge the stock, shares, bonds, debentures, notes or other securities and evidences of interest in or indebtedness of any person, firm, corporation, joint stock company, partnership, association or trust, and, while the owner or holder thereof, exercise all the rights, powers and privileges of ownership, including the right to vote thereon;
[PL 1977, c. 548, §1 (NEW).]
7. Encumbrance of property. Mortgage, pledge or otherwise encumber any property right or thing of value acquired pursuant to a power contained in subsection 4, 5 or 6 as security for the payment of any part of the purchase price thereof;
[RR 2021, c. 2, Pt. A, §14 (COR).]
8. Equity investments and loans. Make direct equity investments in or loans to local and regional economic development corporations and to small and medium size businesses;
[PL 1977, c. 548, §1 (NEW).]
9. Contracts and liabilities. Make contracts, including contracts for services and incur liabilities for any of the purposes authorized therein;
[PL 1977, c. 548, §1 (NEW).]
10. Debt. Borrow money for any of the purposes authorized herein; incur debt, including the power to issue therefor its bonds, debentures, notes or other evidences of indebtedness, whether secured or unsecured; and secure the same by mortgage, pledge, deed of trust or other lien on its property, rights and privileges of every kind and nature, or any part thereof, or interest therein;
[PL 1977, c. 548, §1 (NEW).]
11. Cooperation with agencies and organizations. Cooperate with and avail itself of the services of governmental agencies and the University of Maine System; and cooperate and assist and otherwise encourage organizations, local or regional, private or public, in the various communities of the State in the promotion, assistance and development of the business prosperity and economic welfare of such communities and the State; and
[PL 1985, c. 779, §39 (AMD).]
12. Bylaws. Adopt bylaws not inconsistent herewith for the governance of its affairs, to have the general powers accorded corporations under Title 13?C, section 302, and do all other things necessary or convenient to carry out the lawful purposes of the foundation.
[RR 2001, c. 2, Pt. B, §23 (COR); RR 2001, c. 2, Pt. B, §58 (AFF).]
SECTION HISTORY
PL 1977, c. 548, §1 (NEW). PL 1985, c. 779, §39 (AMD). RR 2001, c. 2, §B23 (COR). RR 2001, c. 2, §B58 (AFF). RR 2021, c. 2, Pt. A, §14 (COR).