New Mexico Statutes 53-7A-4. Corporation; powers
The corporation shall have the powers conferred upon domestic nonprofit corporations by the Nonprofit Corporation Act [N.M. Stat. Ann. Chapter 53, Article 8] unless otherwise specified in the Economic Development Corporation Act and shall also have the power to:
Terms Used In New Mexico Statutes 53-7A-4
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Contract: A legal written agreement that becomes binding when signed.
- 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.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Personal property: All property that is not real property.
A. sue and be sued in its corporate name;
B. purchase, take, receive or otherwise acquire; own, hold, dispose of or use; and otherwise deal in and with property, including an interest in or ownership of intangible personal property, intellectual property or technological innovations;
C. sell, convey, pledge, exchange, transfer or otherwise dispose of its assets and properties for consideration upon terms and conditions that the corporation shall determine;
D. make contracts, incur liabilities or borrow money at rates of interest that the corporation may determine;
E. make and execute all contracts, agreements or instruments necessary or convenient in the exercise of the powers and functions granted the corporation by the Economic Development Corporation Act;
F. receive and administer grants, contracts and private gifts; G. invest and reinvest its funds;
H. conduct its activities, carry on its operations, have offices and exercise the powers granted by the Economic Development Corporation Act;
I. employ officers and employees that it deems necessary, set their compensation and prescribe their duties;
J. enter into agreements with insurance carriers to insure against any loss in connection with its operations;
K. authorize retirement programs and other benefits for salaried officers and employees of the corporation; and
L. contract with economic development experts and other experts and consultants that may be required and to fix and pay their compensation.