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     1-16B-14.   Powers of authority. The authority may exercise all powers necessary or appropriate to carry out the purposes of this chapter, including the following:
             (1)      To conduct examinations and to hear testimony and take proof, under oath or affirmation at public or private hearings, on any matter material for its information and necessary to the establishment of development projects hereunder or other determinations related to the exercise of the authority's lawful powers;
             (2)      To authorize any member or members of such authority to conduct hearings, administer oaths, and take affidavits;
             (3)      To sue and be sued;
             (4)      To adopt rules pursuant to chapter 1-26 to establish procedures to implement this chapter and which will establish a priority system for the granting of loan requests based on the availability of capital in the areas from which the applications are received, thus assuring priority is accorded to those applications received from those areas where capital shortages exist;
             (5)      To make contracts and to execute all instruments;
             (6)      To adopt, use, and alter a corporate seal;
             (7)      To enter into agreements with any federal agency.

Source: SL 1978, ch 9, § 8 (3), (4), (6) to (10); SL 2009, ch 1, § 7.

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