164A.060 Powers of corporation.
647 words·~3 min read·
/ky/chapter-164a/164a-060A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The corporation shall have all of the powers necessary or convenient to carry out and effectuate the purposes and provisions of this chapter, including, but without limiting the generality of the foregoing, the following powers:
(1)To make or participate in the making of student loans;
(2)To purchase or participate in the purchase of student loans, which purchase may be
from eligible lenders;
(3)To sell or participate in the sale of student loans, which sale may be to eligible
lenders or to the student loan marketing association;
(4)To collect and pay reasonable fees and charges in connection with making,
purchasing, and servicing or causing to be made, purchased, or serviced student
loans by the corporation, including payment to the guarantee agency for services
performed for the corporation;
(5)To procure insurance in respect of all student loans made or purchased by the
corporation;
(6)To consent whenever it deems it necessary or desirable in the fulfillment of its
corporate purposes to the modification of the rate of interest, time of payment of
any installment of principal or interest or any other terms of any student loan to
which the corporation is a party; provided, that no such consent shall be made or
given if the effect of same would be to obviate insurance coverage in respect of any
student loan;
(7)To include in any borrowing such amounts as may be deemed necessary by the
corporation to pay financing charges, interest on its obligations for a period not
exceeding two
(2)years from their date, consulting, advisory and legal fees, and
such other expenses as are necessary or incident to any such borrowing;
(8)To make and publish rules and regulations respecting its lending programs and such
other rules and regulations as are necessary to effectuate its corporate purposes;
(9)To make, execute, and effectuate any and all agreements or other documents with
any federal or state agency or any person, corporation, association, partnership, or
other organization or entity and perform other acts necessary or appropriate to
accomplish effectively the purposes of this chapter;
(10)To accept appropriations, loans, grants, revenue sharing, devises, gifts, bequests and
federal grants, and any other aid from any source whatsoever and to agree to, and to
comply with, conditions incident thereto;
(11)To sue and be sued in its own name and to plead and be impleaded;
(12)To maintain an office in the city of Frankfort, Kentucky, in conjunction with or in
close proximity to the Kentucky Higher Education Assistance Authority and such
other regional offices as may be required;
(13)To adopt an official seal and alter the same at pleasure;
(14)To adopt bylaws for the regulation of its affairs and the conduct of its business and
to prescribe rules, regulations, and policies in connection with the performance of
its functions and duties;
(15)To employ fiscal consultants, attorneys, counselors, and such other consultants and
employees as may be required in the judgment of the corporation and to fix and pay
their compensation;
(16)To invest any funds held in reserves or in sinking fund accounts or any moneys not
required for immediate disbursement in obligations guaranteed by the United States
or its agencies and instrumentalities; provided, however, that the return on such
investments shall not be violative of any laws and regulations regarding investment
of the proceeds of any federal tax-exempt bond issue;
(17)To issue its bonds and notes for the purpose of carrying out its corporate powers
and duties as set forth in this chapter;
(18)To service and collect educational loans for other lenders, holders, and educational
institutions; and
(19)Except where specifically prohibited by law, to secure data from any other
Commonwealth of Kentucky agency or instrumentality or from any other source in
furtherance of any purposes of the corporation related to any program or function
administered by the corporation.