{"data":{"id":"us-nm/53-7a-4","jurisdiction":"us-nm","citation":"53-7A-4","heading":"Corporation; powers.","body":"The corporation shall have the powers conferred upon domestic nonprofit corporations by the Nonprofit Corporation Act [Chapter 53, Article 8 NMSA 1978] unless otherwise specified in the Economic Development Corporation Act and shall also have the power to:\nA. sue and be sued in its corporate name;\nB. purchase, take, receive or otherwise acquire; own, hold, dispose of or use; and otherwise deal in and with property, including an interest in or ownership of intangible personal property, intellectual property or technological innovations;\nC. sell, convey, pledge, exchange, transfer or otherwise dispose of its assets and properties for consideration upon terms and conditions that the corporation shall determine;\nD. make contracts, incur liabilities or borrow money at rates of interest that the corporation may determine;\nE. make and execute all contracts, agreements or instruments necessary or convenient in the exercise of the powers and functions granted the corporation by the Economic Development Corporation Act;\nF. receive and administer grants, contracts and private gifts;\nG. invest and reinvest its funds;\nH. conduct its activities, carry on its operations, have offices and exercise the powers granted by the Economic Development Corporation Act;\nI. employ officers and employees that it deems necessary, set their compensation and prescribe their duties;\nJ. enter into agreements with insurance carriers to insure against any loss in connection with its operations;\nK. authorize retirement programs and other benefits for salaried officers and employees of the corporation; and\nL. contract with economic development experts and other experts and consultants that may be required and to fix and pay their compensation.","path":["Chapter 53 - Corporations","ARTICLE 7A Economic Development Corporation"],"source_url":"https://nmonesource.com/nmos/nmsa-unanno/en/item/18556/index.do","current_through":"2025-06-20","vintage":"","retrieved_at":"2026-09-03T15:02:20Z","sha256":"8ac22587a482559b16b752123bb974336065b8a1a996f2b9b3f05d88cb4a7735","source_id":"us-nm","stale":false,"prev":"us-nm/53-7a-3","next":"us-nm/53-7a-5"},"notice":"GroundRules: Original legal text. Not legal advice."}