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§ 855. Powers

Oklahoma Statutes AnnotatedTitle 74. State Government

Oklahoma Statutes Annotated
Title 74. State Government (Refs & Annos)
Chapter 28. Oklahoma Industrial Finance Authority Act (Refs & Annos)
74 Okl.St.Ann. § 855
§ 855. Powers
The Oklahoma Industrial Finance Authority, as a public corporation and governmental instrumentality exercising public powers of the State of Oklahoma, is hereby granted and shall have and may exercise all powers necessary or appropriate to carry out and effectuate the purposes of this act, including the following powers, in addition to others herein granted:
(a) To cooperate with industrial development agencies in their efforts to promote the expansion of industrial and manufacturing activity in the state;
(b) To determine, upon proper application of industrial development agencies, whether the declared public purpose of this act has been or will be accomplished by the establishment of such industrial development projects by such industrial development agencies;
(c) To conduct examinations and investigations and to hear testimony and take proof, under oath or affirmation, at public or private hearings, on any matter material for its information and necessary to the establishment of industrial development projects hereunder or other determinations related to exercise of the Authority's lawful powers;
(d) To issue subpoenas requiring the attendance of witnesses and the production of books and papers pertinent to any hearing before such Authority, or before one or more members of the Authority appointed by it to conduct such hearing;
(e) To apply to any court having jurisdiction of the offense, to have punished for contempt any witness who refuses to obey a subpoena, or who refuses to be sworn or affirmed or to testify, or who is guilty of any contempt after summons to appear;
(f) To authorize any member or members of such Authority to conduct hearings and to administer oaths, take affidavits and subpoenas;
(g) To make, upon proper application of industrial development agencies, loans to such industrial development agencies of monies held in the Industrial Development Fund for industrial development projects in Oklahoma, and to provide for the repayment and redeposit of such allocations and loans in the manner hereinafter provided;
(h) To sue and be sued, implead and be impleaded, complain and defend in all courts;
(i) To adopt, use, and alter at will a corporate seal;
(j) To adopt bylaws for the management and regulation of its affairs; and to promulgate and issue rules and regulations governing its operations;
(k) To appoint officers, agents, and employees, and to prescribe their duties and to fix their compensation, within the limitations prescribed by laws;
(l) To make contracts of every name and nature and to execute all instruments necessary or convenient for the carrying on of its business;
(m) To contract with private legal counsel when its Board of Directors determines that special circumstances merit the services of such counsel and when approved by the Attorney General; provided, in all other circumstances, the Attorney General shall advise and represent the Authority on legal matters;
(n) Without limitation of the foregoing, to accept grants from and enter into contracts or other transactions with, any federal agency; and
(o) To take title by foreclosure to any industrial development project where such acquisition is necessary to protect any loan previously made by the Authority, and to sell, transfer and convey any such industrial development project to any responsible buyer; in the event such sale, transfer and conveyance cannot be effected with reasonable promptness, the Authority may, in order to minimize financial losses and sustain employment, lease such industrial development project to a responsible tenant or tenants; the Authority shall not lease industrial development projects except under the conditions and for the purposes cited in this section.


Laws 1959, p. 501, § 5; Laws 1986, c. 276, § 17, operative July 1, 1986; Laws 1988, c. 88, § 3, emerg. eff. March 30, 1988; Laws 1991, c. 130, § 2, emerg. eff. April 29, 1991.
74 Okl. St. Ann. § 855, OK ST T. 74 § 855
Current with emergency effective legislation through Chapter 29 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
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