{"data":{"id":"us-ky/krs-155.030","jurisdiction":"us-ky","citation":"KRS 155.030","heading":"Powers of corporation.","body":"In furtherance of the purposes set forth in KRS 155.020 above and in addition to the\npowers conferred on business corporations by the provisions of KRS Chapter 271B, the\ncorporation shall, subject to the restrictions and limitations herein contained, have the\nfollowing powers:\n(1) To elect, appoint and employ officers, agents and employees; to make contracts and\nincur liabilities for any of the purposes of the corporation; provided, that the\ncorporation shall not incur any secondary liability by way of guar anty or\nindorsement of the obligations of any person, firm, corporation, joint -stock\ncompany, association, or trust, or in any other manner;\n(2) To borrow money from any source including the United States government, or any\ninstrumentality thereof, includi ng the small business administration and similar\nagencies, for any of the purposes of the corporation; to issue therefor its bonds,\ndebentures, notes or other evidences of indebtedness, whether secured or unsecured,\nand to secure the same by mortgage, pled ge, deed of trust or other lien on its\nproperty, franchises, rights and privileges of every kind and nature or any part\nthereof or interest therein, without stockholder or member approval; provided, that\nno loan to the corporation shall be secured in any m anner unless all outstanding\nloans to the corporation are secured equally and ratably in proportion to the unpaid\nbalance of such loans and in the same manner;\n(3) To make loans to any person, firm, corporation, joint -stock company, association or\ntrust, and to establish and regulate the terms and conditions with respect to any such\nloans and the charges for interest and service connected therewith; provided,\nhowever, that the corporation shall not approve any application for a loan unless\nand until the per son applying for said loan shall show that he has applied for the\nloan through ordinary banking channels and that the application has been refused by\nat least one (1) bank or other financial institution. The corporation may charge\ninterest on such loans at rates of interest not to exceed whichever is the higher of the\ntwo (2) following rates: (a) the rate mentioned in KRS 360.010; (b) two percent\n(2%) in excess of the prime rate prevailing on unsecured commercial loans among\nthe majority of the New York Cit y clearinghouse member banks on the first day of\nthe month in which the loan is made;\n(4) To purchase, receive, hold, lease, or otherwise acquire, and to sell, convey, transfer,\nlease or otherwise dispose of real and personal property, together with such r ights\nand privileges as may be incidental and appurtenant thereto and the use thereof,\nincluding, but not restricted to, any real or personal property acquired by the\ncorporation from time to time in the satisfaction of debts or enforcement of\nobligations;\n(5) To acquire the good will, business, rights, real and personal property, and other\nassets, or any part thereof, or interest therein, of any persons, firms, corporations,\njoint-stock companies, associations, or trusts, and to assume, undertake, or pay t he\nobligations, debts, and liabilities of any such person, firm, corporation, joint -stock\ncompany, association or trust; to acquire improved or unimproved real estate for the\npurpose of constructing industrial plants or other business establishments thereon or\nfor the purpose of disposing of such real estate to others for the construction of\nindustrial plants or other business establishments; and to acquire, construct or\nreconstruct, alter, repair, maintain, operate, sell, convey, transfer, lease, or otherwise\ndispose of industrial plants or business establishments;\n(6) To acquire, subscribe for, own, hold, sell, assign, transfer, mortgage, pledge or\notherwise dispose of the stock, shares, bonds, debentures, notes or other securities\nand evidences of interest in, or indebtedness of, any person, firm, corporation, joint-\nstock company, association or trust, and while the owner or holder thereof to\nexercise all the rights, powers, and privileges of ownership, including the right to\nvote thereon; and to acquire s tock or stock options in the corporation or\norganization to which it makes loans;\n(7) To mortgage, pledge, or otherwise encumber any property, right or thing of value,\nacquired pursuant to the powers contained in subsections (4), (5), or (6), as security\nfor the payment of any part of the purchase price thereof;\n(8) To cooperate with and avail itself of the facilities of the Cabinet for Economic\nDevelopment and the Industrial Development Finance Authority and any similar\ngovernmental or private agencies; an d to cooperate with and assist, and otherwise\nencourage organizations in the various communities of the Commonwealth in the\npromotion, assistance, and development of the business prosperity and economic\nwelfare of such communities or of this Commonwealth or of any part thereof;\n(9) To do all acts and things necessary or convenient to carry out the powers granted in\nthis chapter.","path":["KRS Chapter 155"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=3056","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:50:58Z","sha256":"404fe166ccda346581e05bb3f01c9974c7ded3b211c918bfef7d6abcff7389b5","source_id":"us-ky","stale":false,"prev":"us-ky/krs-155.020","next":"us-ky/krs-155.040"},"notice":"GroundRules: Original legal text. Not legal advice."}