{"data":{"id":"us-ok/okla.-stat.-tit.-74-74-1353","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 74, § 74-1353","heading":"Purpose and powers","body":"The purposes of such corporations as authorized herein shall be\n\nto promote, aid and, through the united efforts of the governmental\n\nentities, institutions and corporations which shall from time to\n\ntime become members thereof, develop and advance the industrial and\n\nbusiness prosperity and welfare of the State of Oklahoma; to\n\nencourage new industries; to stimulate and help to expand all kinds\n\nof business ventures which tend to promote the growth of the state;\n\nto act whenever and wherever deemed by it advisable in conjunction\n\nwith other organizations, the objects of which are the promotion of\n\nindustrial, agricultural or recreational developments within the\n\nstate; and in furtherance of such purposes, and in addition to the\n\npowers conferred by the general laws relating to nonprofit\n\ncorporations, shall, subject to the restrictions and limitations\n\nherein contained, have the following powers:\n\n(a) To borrow money on secured or unsecured notes from any\n\nbanks, banking institution or insurance company, from any financial\n\ninstitution, from any agency established under the Small Business\n\nInvestment Act of 1958 (Public Law 85-699, 85th Congress) or any\n\nother federal or state agency that may legally loan to the\n\ncorporation; and to pledge bonds, notes and other securities as\n\ncollateral therefor.\n\n(b) To lend money upon secured or unsecured notes; provided, it\n\nshall not be the purpose hereof to take from any banking\n\ninstitutions within the state any such loans or commitments as may\n\nbe desired by such institutions generally in the ordinary course of\n\ntheir business.\n\n(c) To establish and regulate the terms and conditions of any\n\nsuch loans and charges for interest or service connected therewith.\n\n(d) To purchase, hold, lease and otherwise acquire and to convey\n\nsuch real estate as may, from time to time, be acquired by it in\n\nsatisfaction of debts or may be acquired by it in the foreclosure of\n\nmortgages thereon or upon judgments for debts or in settlements to\n\nsecure debts.\n\n(e) To purchase bonds, stocks, or debentures of any corporation\n\nand sell, convert, or otherwise dispose of such evidences of\n\nindebtedness.\n\n(f) Contract with the United States of America, the State of\n\nOklahoma, or any of the agencies, subdivisions, or entities thereof,\n\nand other persons for developing and operating antipoverty programs,\n\neconomic development programs, and area redevelopment programs in\n\nthe state.\n\n(g) Make application for, accept, acquire, receive, take and\n\nhold by bequest, devise, grant, gift, purchase, exchange, lease,\n\ntransfer, judicial order or decree, or otherwise, for any of its\n\nobjects and purposes, any property, both real and personal, of\n\nwhatever kind, nature or description, or wherever situated, for use\n\nin the furtherance of the purpose for which such corporation is\n\norganized. Own, develop, plat, dedicate lands and construct thereon,\n\nmaintain manufacturing or industrial buildings, dwelling houses,\n\napartment houses, hotels and other buildings and improvements of\n\nevery kind and equip and manage, rent, lease, either as lessor or\n\nlessee, sell, exchange or otherwise dispose of the same, to enter\n\ninto contracts with others for the construction, repair and\n\nmaintenance in their behalf of manufacturing and industrial\n\nbuildings, dwelling houses, apartment houses, hotels and other\n\nbuildings and improvements of every kind, all in furtherance of the\n\nobjects and purposes of the corporation.","path":["OK Code","Title 74"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os74.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"95629169a778187487e23f5d95fe23ca0d762961f1e292da8da2766e0676747b","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-74-74-1352","next":"us-ok/okla.-stat.-tit.-74-74-1361"},"notice":"GroundRules: Original legal text. Not legal advice."}