Sec. 1. The bank is granted all powers necessary, convenient, or appropriate to carry out and effectuate its public and corporate purposes, including the following:

(1) Have a perpetual existence as a body politic and corporate and an independent instrumentality, but not a city or county agency, exercising essential public functions.

(2) Sue and be sued.

(3) Adopt and alter an official seal.

(4) Make and enforce bylaws and rules for the conduct of its business and for the use of its services and facilities.

(5) Acquire, hold, use, and dispose of its income, revenues, funds, and money.

(6) Acquire, rent, lease, hold, use, and dispose of other personal property for its purposes.

(7) Make contracts and incur liabilities, borrow money, issue its negotiable bonds or notes, subject to provisions for registration of negotiable bonds and notes, and provide for and secure their payment and provide for the rights of their holders, and purchase, hold, and dispose of any of its bonds or notes.

(8) Fix and revise from time to time and charge and collect fees and charges for the use of its services or facilities.

(9) Accept gifts or grants of property, funds, money, materials, labor, supplies, or services from the United States, the state, any governmental unit, or any person, carry out the terms or provisions of or make agreements with respect to the gifts or grants, and do all things necessary, useful, desirable, or convenient in connection with procuring, accepting, or disposing of the gifts or grants.

(10) Do anything authorized by this article, through its officers, agents, or employees or by contracts with a person.

(11) Procure insurance against any losses in connection with its property, operations, or assets in amounts and from insurers as it considers desirable.

(12) Cooperate with and exchange services, personnel, and information with any federal, state, or local government agency.

As added by P.L.42-1985, SEC.1. Amended by P.L.29-1986, SEC.5.