155.030 Powers of corporation.
784 words·~4 min read·
/ky/chapter-155/155-030A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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.