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§ 390.6. Activities and powers of the authority; general

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 73 P.S. Trade and Commerce

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 73 P.S. Trade and Commerce (Refs & Annos)
Chapter 12A. Minority Business Development Authority Act (Refs & Annos)
73 P.S. § 390.6
§ 390.6. Activities and powers of the authority; general
The authority, as a public corporation and governmental instrumentality exercising public powers of the Commonwealth, 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:
(1) To have existence for a term of fifty years.
(2) To sue and be sued, implead and be impleaded, complain and defend in all courts.
(3) To adopt, use and alter at will a corporate seal.
(4) To make bylaws for the management and regulation of its affairs.
(5) To appoint officers, agents, employes and servants; and to prescribe their duties and to fix their compensation, within the limitations provided by law.
(6) To make contracts of every name and nature and to execute all instruments necessary or convenient for the carrying on of its business.
(7) Without limitation of the foregoing, accept grants from, and to enter into contracts or other transactions with any Federal agency, State agency, charitable or business organization.
(8) To borrow money, make and issue negotiable notes, bonds, refunding bonds and other evidences of indebtedness or obligations (hereinafter called “bonds”) of the authority, and to secure the payment of such bonds, or any part thereof, by pledge or deed of trust of all, or any, of its revenues, receipts and contract rights, or other assets, real or personal, and to make such agreements with the purchasers or holders of such bonds or with others in connection with any such bonds, whether issued or to be issued as the authority shall deem advisable, and in general to provide for the security for said bonds and the rights of the holders thereof.
(9) To invest moneys not required for current expenditures, pending such expenditures, in any securities eligible for the investment of funds in the Commonwealth.
(10) To mortgage, pledge, hypothecate or otherwise encumber, all or any of the revenues, receipts or contract rights, or other assets, real or personal, of the authority as security for all, or any of, the obligations of the authority.
(11) 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 (i) the determination of the applicant's eligibility to receive a loan granted under this act; (ii) the determination of the economic viability of the loan; and (iii) the power to review the operation of any business that has received a loan granted under the authority of this act.
(12) 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.
(13) To apply to any court, having territorial 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.
(14) To authorize any member or members of such authority to conduct hearings and to administer oaths, take affidavits and issue subpoenas.
(15) To do all acts and things necessary or convenient to carry out the powers granted to it by this act or any other acts: Provided, however, That the authority shall have no power, at any time or in any manner, to pledge the credit or taxing power of the Commonwealth, nor shall any of its obligations or debts be deemed to be obligations of the Commonwealth, nor shall the Commonwealth be liable for the payment of principal or interest on such obligations.

Credits

1974, July 22, P.L. 598, No. 206, § 6, imd. effective.
73 P.S. § 390.6, PA ST 73 P.S. § 390.6
Current through the end of the 2023 Regular Session. Some statute sections may be more current, see credits for details.
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