The Powers of the Authority.
Section 5
SEC. 5. The Powers of the Authority.—The Authority shall have the following powers and function: a)To succeed on its corporate name; b)To sue and be sued in such corporate name; c)To adopt, alter and use a corporate name; d)To adopt, amend, and repeal its by-laws; e)To enter into contracts of any kind and description, To enable it to carry out its purposes and functions under this Act; f) To acquire, but, purchase, hold or lease, such personal and real Property as its deems necessary or convenient in the transaction of its business and/or in relation with the carrying out of its purposes under this Act; and to lease, mortgage, sell, alienate, or otherwise encumber or dispose any such personal and real property held by it; g) To exercise the right of eminent domain whenever the Authority deems it necessary for the attainment of the objectives of the Authority under this Act; h) To borrow funds from any local or foreign financial institution independent of the bonds it may issue or may continue to issue, to carry out the purposes of this Authority under this Act; i) To purchase, hold, alienate, mortgage, pledge or otherwise dispose of the shares of the capital stock of, or any bond, securities, or other evidence of indebtedness created by any other corporation, co-partnership, or government agencies or instrumentalities; and while the owner of said stock, to exercise all the rights of ownership, including the right to vote thereon; j) For carrying on its business, or for the purpose of attaining or furthering any of its objectives, to perform any and all acts which a corporation, co-partnership, or natural person is authorized to perform under the laws now existing or which may be enacted hereafter.