Mass. Gen. Laws ch. 40J § 4

Current through Chapter 223 of the 2024 Legislative Session

Section 40J:4 - Powers of corporation

The corporation shall have the following powers:

(a) to make, amend and repeal by-laws, rules and regulations for the management of its affairs;

(b) to adopt an official seal;

(c) to sue and be sued in its own name;

(d) to make contracts and execute all instruments necessary or convenient for the carrying on of its business;

(e) to acquire, own, hold, dispose of and encumber personal or real property of any nature or any interest therein in the exercise of its powers and performance of its duties under this chapter;

(f) to enter into agreements or transactions with any federal, state or municipal agency or other public institution or with any private individual, partnership, firm, corporation, association or other entity;

(g) to appear in its own behalf before boards, commissions, departments, or other agencies of federal, state or municipal government;

(h) to appoint officers in addition to those directors elected by the board and to engage and employ employees, including legal counsel, consultants, agents and advisors, and prescribe their duties and fix their compensation;

(i) to establish, without limitation, advisory boards in furtherance of the purposes of this chapter including advisory boards to expand the participation and to draw on the experience of representatives from all aspects of the technology involved in a center or a proposed center including supporting organizations and industries such as finance and education;

(j) to procure insurance against any losses in connection with its property in such amounts, and from such insurers, as may be necessary or desirable;

(k) to invest any funds held in reserves or sinking funds, or any funds not required for immediate disbursement, in such investments as may be lawful for fiduciaries in the commonwealth pursuant to sections thirty-eight and thirty-eight A of chapter twenty-nine.

(l) to accept, hold, use, apply and dispose of any and all donations, grants, bequests and devises, conditional or otherwise, of money, property, services or other things of value which may be received from the United States or any agency thereof, any governmental agency, any institution, person, firm or corporation, public or private, such donations, grants, bequests and devises to be held, used, applied or disposed of for any or all of the purposes specified in this chapter and in accordance with the terms and conditions of any such grant. Receipt of each such donation or grant shall be detailed in the annual report of the corporation; such annual report shall include the identity of the donor or lender, the nature of the transaction and any conditions attaching thereto;

(m) to formulate plans for the establishment of centers pursuant to the provisions of this chapter, and to construct, reconstruct, remodel, maintain, manage, lease, as lessee or lessor, such centers, and to enter into contracts for the management and operation of such centers and to engage in any activity reasonably related thereto;

(n) to establish rules and regulations for the use by participating businesses and participating institutions of a center established pursuant to the provisions of this chapter;

(o) to determine the manner of support and participation in the programs of the corporation which are required of participating businesses and participating institutions, to enter into contracts or agreements setting forth the terms and conditions of such support and participation, and to determine and designate those businesses and institutions which qualify as participating businesses and institutions;

(p) to fix and revise from time to time and charge rents and collect rates, rents, fees and charges for the use of a center or any portion thereof by participating institutions or participating businesses, or any other user;

(q) to prepare, publish and distribute, with or without charge as the corporation may determine, such technical studies, reports, bulletins and other materials regarding its facilities and activities as it deems appropriate;

(r) to provide, or make available, educational, training, testing and ancillary fabrication facilities and equipment, and to sell or otherwise dispose of products fabricated thereby and services available therefrom in furtherance of the purposes specified in this chapter;

(s) to exercise any other powers of a corporation organized under chapter one hundred and fifty-six B; and,

(t) to do any and all things necessary or convenient to carry out the purposes of this chapter.

Mass. Gen. Laws ch. 40J, § 4

Amended by Acts 2009, c. 158,§ 16, eff. 11/23/2009.