Louisiana Administrative Code › Title 42 - LOUISIANA GAMING › Part IX - Landbased Casino Gaming › Subpart 1 - Economic Development and Gaming Corporation › Chapter 9 - Articles of Incorporation › Section IX-905 - Powers of the Corporation

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				  Description of Powers. Subject to the limitations stated in the Louisiana
				  Constitution, the Act and general provisions of Louisiana Law, the corporation
				  shall have the power and authority to regulate the official gaming
				  establishment and do all things related and in furtherance thereof. Without
				  limiting the generality of the foregoing, the corporation shall have the
				  following specific powers and authority:
1. in
				  any legal manner to acquire, hold, use and alienate or encumber property of any
				  kind;
2. in any legal manner to
				  acquire, hold, vote and use, alienate and encumber, and to deal in and with
				  shares, memberships or other interests in, or obligations of, other Business,
				  nonprofit or foreign corporations, associations, partnerships, joint ventures,
				  individuals or government entities (collectively an "entity");
3. to make contracts and guarantees,
				  including guarantees of the obligations of other entities;
4. to incur liabilities, borrow money, and
				  secure any of its past, present or future obligations by the pledge, pawn,
				  mortgage, collateral mortgage, hypothecation or granting of a security interest
				  of any kind of property, which security may be created by security documents
				  which may include a confession of judgment and all other usual and customary
				  Louisiana security document provisions;
5. enter into other obligations or evidences
				  of indebtedness;
6. to lend money
				  for its corporate purposes and invest and reinvest funds, and to take and hold,
				  sell or exchange property or rights of any kind as security for loans or
				  investments;
7. to elect or appoint
				  officers and agents, to define their duties and fix their
				  compensation;
8. to pay pensions
				  and establish pension plans, pension trusts, profit sharing plans and other
				  incentive and benefit plans for any or all of its directors, officers and
				  employees;
9. enter into
				  procurement including issuance of requests for proposals for contracts
				  authorized by the Act;
10. sue and
				  be sued in its corporate name, and as a corporate entity;
11. adopt a corporate seal and a
				  symbol;
12. hold copyrights,
				  trademarks and service marks and enforce its rights with respect
				  thereto;
13. appoint agents upon
				  which process may be served;
14.
				  acquire immovable property and make improvements thereon, subject to the prior
				  approval of the Joint Legislative Committee on the Budget;
15. make, solicit, and bid requests for
				  proposals and offers for major procurement, in accordance with law or rules and
				  regulations of the corporation including:
a.
				  contracts for major procurement after competitive negotiation, bidding, or
				  other procedure authorized pursuant to the Louisiana Procurement Code, or the
				  corporation may adopt special rules and regulations pursuant to the provisions
				  of this Part providing for special procedures whereby the corporation may make
				  any class of procurement including the authority to negotiate a reduced price.
				  Such procedures shall be designed to allow the selection of proposals that
				  provide the greatest long-term benefit to the state, the greatest integrity for
				  the corporation, and the best service and products for the public. In its
				  bidding and negotiation processes, the corporation may do its own bidding and
				  procurement may utilize the services of the division of administration central
				  purchasing agency or other set agency or division. The president of the
				  corporation may with approval of the board declare an emergency for purchasing
				  purposes; and
b. contracts to incur
				  debt in its own name and enter into financing agreements with the state, its
				  own agencies, or with a commercial bank, excluding the authority to issue
				  bonds.