(1) sue and be sued;

(2) adopt a seal;

(3) acquire, hold, and dispose of property for its corporate purposes;

(4) sell, lease, or otherwise convey, in any manner that the Authority considers appropriate, any property it owns to accomplish the purposes of this subtitle;

(5) enter into contracts and leases, including contracts or leases relating to the construction, operation, maintenance, management, and use of developments and projects, concessions, stalls, auction houses, docking facilities, and other facilities, and execute any instrument necessary or convenient, on the terms and for any corporate purpose that the Authority considers advisable;

(6) issue bonds in accordance with this subtitle;

(7) use the proceeds of the bonds, other money available under this subtitle, or any grant or money from the State or federal government or any of their units or instrumentalities to accomplish the purposes of this subtitle;

(8) borrow money for a corporate purpose and mortgage or otherwise encumber its property as security for the loan;

(9) accept gifts, contributions, or loans of money, supplies, goods, and services, and accept appropriations, allotments, and loans of money from the State or federal government, a federal corporation, a unit or instrumentality of the federal government, or a political subdivision or instrumentality of the State;

(10) exercise a power usually possessed by a private corporation in performing similar functions unless to do so would conflict with State law;

(11) dredge approaches and acquire, construct, maintain, equip, and operate wharves, docks, piers, and other structures, and any facilities necessary for commerce; and

(12) do all things necessary or convenient to carry out the powers expressly granted by this subtitle.

(2) A contract is not binding on the Authority unless it is approved or authorized by a majority of the members of the Authority.