|
(c) The Corporation shall have all powers afforded by the Minnesota Nonprofit
<br /> Corporation Act and by future laws amendatory thereof and supplementary thereto, including the
<br /> power:
<br /> (i) to acquire and receive funds and property of every kind and nature whatsoever,
<br /> whether by purchase, conveyance, lease, gift, grant, bequest, legacy, devise, or otherwise,
<br /> outright or in trust;
<br /> (ii) to hold, own, expend, give, grant, contribute, convey, transfer and dispose of any
<br /> funds and property and the income therefrom in furtherance of the above-stated purposes,
<br /> and to lease, mortgage, encumber and use the same;
<br /> (iii) to borrow money and incur indebtedness, and in connection therewith to draw, make,
<br /> accept, endorse, execute, and issue notes, drafts, bills of exchange, bonds, debentures, or
<br /> any other negotiable or non-negotiable instruments or evidences of indebtedness of any
<br /> kind or nature whatsoever, and to secure payment thereof and any interest thereon by
<br /> mortgage, pledge, deed of trust, assignment or otherwise on, of, or with respect to all or
<br /> any part of the Corporation;
<br /> (iv) to invest in, acquire, hold, pledge, sell, exchange, transfer or otherwise dispose of
<br /> securities of any nature and to exercise all the rights, powers and privileges of ownership
<br /> thereof, including any and all voting rights;
<br /> (v) to act as trustee or co-trustee of trusts and to otherwise act in a fiduciary capacity
<br /> when so designated in any inter vivos or testamentary instruments, and in such capacity,
<br /> to be named as beneficiary of insurance policies or annuity contracts;
<br /> (vi) to contract with private parties and federal, state, and local governments and their
<br /> agencies and instrumentalities;
<br /> (vii)to be a member of other nonprofit corporations; and
<br /> (viii) such other powers which are consistent with the foregoing purposes and which are
<br /> afforded by the Minnesota Nonprofit Corporation Act.
<br /> (d) The Corporation elects to be deemed a municipal utility for purposes of
<br /> Minnesota Statutes Chapter 216B and other federal and Minnesota laws regulating utility
<br /> operations.
<br /> (e) The Corporation shall be deemed a political subdivision of the State of Minnesota
<br /> exercising essential governmental functions, for federal and state income tax purposes.
<br /> (0 The Corporation may exercise its powers and carry out its activities anywhere
<br /> within and outside of the State of Minnesota.
<br />
|