{"data":{"id":"us-ok/okla.-stat.-tit.-18-18-904","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 18, § 18-904","heading":"Powers","body":"To accomplish its purposes, the corporation shall, subject to\n\nthe restrictions and limitations herein contained, have the\n\nfollowing powers:\n\n(1) To elect, appoint, and employ officers, agents and employees\n\nand to make contracts and incur liabilities for any of the purposes\n\nof the corporation.\n\n(2) To borrow money from its members, any agency or governmental\n\nentity of the Federal Government or the State of Oklahoma or any\n\nagency or department thereof or any other corporation or person, for\n\nany of the purposes of the corporation; to issue therefor its bonds,\n\ndebentures, notes or other evidence of indebtedness, whether secured\n\nor unsecured, and to secure the same by mortgage, pledge, deed of\n\ntrust or other lien on its property, franchises, rights, and\n\nprivileges of every kind and nature, or any part thereof or interest\n\ntherein, without securing stockholder or member approval.\n\n(3) To make loans to any person, firm, corporation, association\n\nor trust, and to establish and regulate the terms and conditions\n\nwith respect to any such loans, provided however, that the\n\ncorporation shall not approve any application for a loan unless and\n\nuntil the person applying for said loan shall show that he has\n\napplied for the loan through ordinary banking channels and that the\n\nloan has been refused by at least one bank or other financial\n\ninstitution.\n\n(4) To mortgage, hold, pledge or otherwise dispose of the stock,\n\nshares, bonds, debentures, notes or other securities and evidences\n\nof interest in, or indebtedness of, any person, firm, corporation,\n\njoint-stock company, association or trust, and allow the owner or\n\nholder thereof to exercise all the rights, powers and privileges of\n\nownership, including the right to vote thereon. In the event of\n\ndefault, the Business Development Corporation must divest itself of\n\nthe acquired assets within a reasonable period of time.\n\n(5) To cooperate with and avail itself of the facilities of the\n\nUnited States Department of Commerce, the Oklahoma Parks and\n\nIndustries Board and any other similar state or federal governmental\n\nagency; and to cooperate with and assist, and otherwise encourage\n\norganizations in the various communities of the state in the\n\npromotion, assistance and development of the business prosperity and\n\neconomic welfare of such communities or of this state or of any part\n\nthereof.\n\n(6) To do all acts and things necessary or convenient to carry\n\nout the powers expressly granted in this act.","path":["OK Code","Title 18"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os18.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"ef17178d00725393d421e7c750760f366125b00f5da8c80fd0f0cd93c4ac8506","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-18-18-903","next":"us-ok/okla.-stat.-tit.-18-18-905"},"notice":"GroundRules: Original legal text. Not legal advice."}