KRS § 155.030 — KY Code / Title XII / Chapter 155 / Section 155.030
155.030 Powers of corporation
Status: in_force

155.030 Powers of corporation.

In furtherance of the purposes set forth in KRS 155.020 above and in addition to the

powers conferred on business corporations by the provisions of KRS Chapter 271B, the

corporation shall, subject to the restrictions and limitations herein contained, have the

following powers:

(1) To elect, appoint and employ officers, agents and employees; to make contracts and

incur liabilities for any of the purposes of the corporation; provided, that the

corporation shall not incur any secondary liability by way of guaranty or

indorsement of the obligations of any person, firm, corporation, joint-stock

company, association, or trust, or in any other manner;

(2) To borrow money from any source including the United States government, or any

instrumentality thereof, including the small business administration and similar

agencies, for any of the purposes of the corporation; to issue therefor its bonds,

debentures, notes or other evidences of indebtedness, whether secured or unsecured,

and to secure the same by mortgage, pledge, deed of trust or other lien on its

property, franchises, rights and privileges of every kind and nature or any part

thereof or interest therein, without stockholder or member approval; provided, that

no loan to the corporation shall be secured in any manner unless all outstanding

loans to the corporation are secured equally and ratably in proportion to the unpaid

balance of such loans and in the same manner;

(3) To make loans to any person, firm, corporation, joint-stock company, association or

trust, and to establish and regulate the terms and conditions with respect to any such

loans and the charges for interest and service connected therewith; provided,

however, that the corporation shall not approve any application for a loan unless

and until the person applying for said loan shall show that he has applied for the

loan through ordinary banking channels and that the application has been refused by

at least one (1) bank or other financial institution. The corporation may charge

interest on such loans at rates of interest not to exceed whichever is the higher of the

two (2) following rates: (a) the rate mentioned in KRS 360.010; (b) two percent

(2%) in excess of the prime rate prevailing on unsecured commercial loans among

the majority of the New York City clearinghouse member banks on the first day of

the month in which the loan is made;

(4) To purchase, receive, hold, lease, or otherwise acquire, and to sell, convey, transfer,

lease or otherwise dispose of 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

corporation from time to time in the satisfaction of debts or enforcement of

obligations;

(5) To acquire the good will, business, rights, real and personal property, and other

assets, or any part thereof, or interest therein, of any persons, firms, corporations,

joint-stock companies, associations, or trusts, and to assume, undertake, or pay the

obligations, debts, and liabilities of any such person, firm, corporation, joint-stock

company, association or trust; to acquire improved or unimproved real estate for the

purpose of constructing industrial plants or other business establishments thereon or

for the purpose of disposing of such real estate to others for the construction of

industrial plants or other business establishments; and to acquire, construct or

reconstruct, alter, repair, maintain, operate, sell, convey, transfer, lease, or otherwise

dispose of industrial plants or business establishments;

(6) To acquire, subscribe for, own, hold, sell, assign, transfer, mortgage, pledge or

otherwise dispose of the stock, shares, bonds, debentures, notes or other securities

and evidences of interest in, or indebtedness of, any person, firm, corporation, joint-

stock company, association or trust, and while the owner or holder thereof to

exercise all the rights, powers, and privileges of ownership, including the right to

vote thereon; and to acquire stock or stock options in the corporation or

organization to which it makes loans;

(7) To mortgage, pledge, or otherwise encumber any property, right or thing of value,

acquired pursuant to the powers contained in subsections (4), (5), or (6), as security

for the payment of any part of the purchase price thereof;

(8) To cooperate with and avail itself of the facilities of the Cabinet for Economic

Development and the Industrial Development Finance Authority and any similar

governmental or private agencies; and to cooperate with and assist, and otherwise

encourage organizations in the various communities of the Commonwealth in the

promotion, assistance, and development of the business prosperity and economic

welfare of such communities or of this Commonwealth or of any part thereof;

(9) To do all acts and things necessary or convenient to carry out the powers granted in

this chapter.