1-16A-15. Corporate powers of authority. The authority has the following powers together with all powers incidental or necessary for the performance thereof:
(1) To have perpetual succession as a body politic and corporate;
(2) To adopt bylaws for the regulation of its affairs and the conduct of its business;
(3) To sue and be sued and to prosecute and defend, at law or in equity, in any court having jurisdiction of the subject matter and of the parties;
(4) To have and to use a corporate seal and to alter the same at pleasure;
(5) To maintain an office at such place or places as it may designate;
(6) To do all things necessary and convenient to carry out the purposes of this chapter;
(7) To establish a minimum amount of cash and investment reserves; and
(8) To transfer or grant, or otherwise use, funds in excess of the minimum amount of reserves to any South Dakota governmental entity to further any purpose of the authority, including any purpose set forth in § 1-16A-1. This subdivision is repealed July 1, 2019.Source: SL 1972, ch 10, § 7 (1) to (5), (15); SL 2018, ch 8, § 1.
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