Section 57-10-17 - General powers and duties of board of directorsThe board of directors of the corporation is hereby authorized, in its discretion, based on sound business principles, to:
(a) Receive applications for and make direct term loans to small businesses, including any person, firm, corporation, joint stock company, partnership, association or trust located within the state unable to obtain sufficient funds for the successful operation of such businesses from conventional commercial sources or other governmental agencies or in the event the financial needs of such businesses exceed the legal loan limits of local banks or other financial institutions or in the event the degree of risk involved in extending loans to such businesses exceed local standards;(b) Make direct equity investments and/or seed money loans to local economic development corporations;(c) Seek the participation of private banks or financial institutions, either within or without the state, in the term loans extended by the corporation;(d) Sell its own commercial paper and other evidences of indebtedness to obtain funds for the making of term loans to creditworthy businesses;(e) Provide a loan guaranty program for conventional loans extended to qualified small businesses in the State of Mississippi;(f) Sell its debenture bonds to banks and other financial institutions;(g) Apply for and receive funds in any amount from any private source or federal governmental entity, or the Small Businessman's Loan Fund or Guaranty Fee Fund as authorized by Sections 57-10-101 through 57-10-137, whether by way of grant, donation or loan;(h) Make contracts, including contracts for services, and incur liabilities for any of the purposes authorized herein;(i) Borrow money for any of the purposes authorized herein; incur debt, including the power to issue therefor its bonds, debentures, notes or other evidences of indebtedness, whether secured or unsecured; and secure the same by mortgage, pledge, deed of trust or other lien on its property, rights and privileges of every kind and nature, or any part thereof, or interest therein;(j) Purchase, receive, hold, lease or acquire by foreclosure, and sell, convey, transfer or lease 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;(k) Make all expenditures and incur any obligations reasonably required in the exercise of sound business principles to secure possession of, preserve, maintain, insure and, if necessary, improve real and personal property acquired in the liquidation of investments in order to realize the maximum return for the corporation on any sale or disposition thereof;(l) Acquire, subscribe for, own, hold, sell, assign, transfer, mortgage or pledge the stock, shares, bonds, debentures, notes or other securities and evidences of interest in or indebtedness of any person, firm, corporation, joint stock company, partnership, association or trust, and, while the owner or holder thereof, exercise all the rights, powers and privileges of ownership, including the right to vote thereon;(m) Mortgage, pledge or otherwise encumber any property right or thing of value acquired pursuant to the powers contained in paragraph (j), (k) or (l) as security for the payment of any part of the purchase price thereof;(n) Cooperate with and assist and otherwise encourage agencies, organizations, local or regional, private or public, in the various communities of the state in the promotion, assistance and development of the business prosperity and economic welfare of such communities or of this state or of any part thereof;(o) Do all acts and things necessary and proper to create, form, participate in or fund a State SBA 503 program as authorized under Title V, Section 503 of the Small Business Investment Act of 1958, as amended, Section 697, Title XV, United States Code;(p) Do all acts and things necessary and proper to carry out the powers expressly granted in this article, including, but not limited to, employment of administrative and clerical staff, and such other employees as may be necessary in its judgment and to fix their compensation, and to perform its powers and functions through its officers, agents and employees;(q) Do all acts and things necessary and proper for the issuance of bonds for solid waste facilities;(r) Do all acts and things necessary to operate the Mississippi Development Bank pursuant to Section 31-25-1 et seq.;(s) Maintain an office in the name of the corporation at such place or places within this state as it may designate without the approval of any other state agency or department.Codes, 1942, § 8940-109; Laws, 1972, ch. 439, § 9; Laws, 1982, ch. 422, § 2; Laws, 1992, ch. 481 § 8; Laws, 2001, ch. 337, § 27, eff. 3/6/2001.