{"data":{"id":"us-ok/okla.-stat.-tit.-74-74-855","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 74, § 74-855","heading":"Powers","body":"The Oklahoma Industrial Finance Authority, as a public\n\ncorporation and governmental instrumentality exercising public\n\npowers of the State of Oklahoma, is hereby granted and shall have\n\nand may exercise all powers necessary or appropriate to carry out\n\nand effectuate the purposes of this act, including the following\n\npowers, in addition to others herein granted:\n\n(a) To cooperate with industrial development agencies in their\n\nefforts to promote the expansion of industrial and manufacturing\n\nactivity in the state;\n\n(b) To determine, upon proper application of industrial\n\ndevelopment agencies, whether the declared public purpose of this\n\nact has been or will be accomplished by the establishment of such\n\nindustrial development projects by such industrial development\n\nagencies;\n\n(c) To conduct examinations and investigations and to hear\n\ntestimony and take proof, under oath or affirmation, at public or\n\nprivate hearings, on any matter material for its information and\n\nnecessary to the establishment of industrial development projects\n\nhereunder or other determinations related to exercise of the\n\nAuthority's lawful powers;\n\n(d) To issue subpoenas requiring the attendance of witnesses and\n\nthe production of books and papers pertinent to any hearing before\n\nsuch Authority, or before one or more members of the Authority\n\nappointed by it to conduct such hearing;\n\n(e) To apply to any court having jurisdiction of the offense, to\n\nhave punished for contempt any witness who refuses to obey a\n\nsubpoena, or who refuses to be sworn or affirmed or to testify, or\n\nwho is guilty of any contempt after summons to appear;\n\n(f) To authorize any member or members of such Authority to\n\nconduct hearings and to administer oaths, take affidavits and\n\nsubpoenas;\n\n(g) To make, upon proper application of industrial development\n\nagencies, loans to such industrial development agencies of monies\n\nheld in the Industrial Development Fund for industrial development\n\nprojects in Oklahoma, and to provide for the repayment and redeposit\n\nof such allocations and loans in the manner hereinafter provided;\n\n(h) To sue and be sued, implead and be impleaded, complain and\n\ndefend in all courts;\n\n(i) To adopt, use, and alter at will a corporate seal;\n\n(j) To adopt bylaws for the management and regulation of its\n\naffairs; and to promulgate and issue rules and regulations governing\n\nits operations;\n\n(k) To appoint officers, agents, and employees, and to prescribe\n\ntheir duties and to fix their compensation, within the limitations\n\nprescribed by laws;\n\n(l) To make contracts of every name and nature and to execute\n\nall instruments necessary or convenient for the carrying on of its\n\nbusiness;\n\n(m) To contract with private legal counsel when its Board of\n\nDirectors determines that special circumstances merit the services\n\nof such counsel and when approved by the Attorney General; provided,\n\nin all other circumstances, the Attorney General shall advise and\n\nrepresent the Authority on legal matters;\n\n(n) Without limitation of the foregoing, to accept grants from\n\nand enter into contracts or other transactions with, any federal\n\nagency; and\n\n(o) To take title by foreclosure to any industrial development\n\nproject where such acquisition is necessary to protect any loan\n\npreviously made by the Authority, and to sell, transfer and convey\n\nany such industrial development project to any responsible buyer; in\n\nthe event such sale, transfer and conveyance cannot be effected with\n\nreasonable promptness, the Authority may, in order to minimize\n\nfinancial losses and sustain employment, lease such industrial\n\ndevelopment project to a responsible tenant or tenants; the\n\nAuthority shall not lease industrial development projects except\n\nunder the conditions and for the purposes cited in this section.","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":"20ad56873790d3c50a5f1d0c0bcfa26abc8bb19002dab3b040776d3bd5dfba27","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-74-74-854","next":"us-ok/okla.-stat.-tit.-74-74-856"},"notice":"GroundRules: Original legal text. Not legal advice."}