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15E.87 Corporate purpose---powers.

The purpose of the corporation is to stimulate and encourage the development of new products within Iowa by the infusion of financial aid for invention and innovation in situations in which financial aid would not otherwise be reasonably available from commercial sources. For this purpose the corporation has the following powers:

1. To have perpetual succession as a corporate body and to adopt bylaws, policies, and procedures for the regulation of its affairs and conduct of its business consistent with the purposes of this division.

2. To enter into venture agreements with persons doing business in Iowa upon conditions and terms which are consistent with the purposes of this division for the advancement of financial aid to the persons. The financial aid advanced shall be for the development of specific products, procedures, and techniques which are to be developed and produced in this state. The corporation shall condition the agreements upon contractual assurances that the benefits of increasing or maintaining employment and tax revenues shall remain in Iowa.

3. To receive and accept aid or contributions from a source of money, property, labor, or other things of value to be used to carry out the purposes of this division including gifts or grants from a department or agency of the United States or any state.

4. To issue notes and bonds as provided under this division.

5. To hold patents, copyrights, trademarks, or other evidences of protection or exclusivity issued under the laws of this state or the United States to any products.

6. To employ assistants, agents, and other employees and to engage consultants, attorneys, and appraisers as necessary or desirable to carry out the purposes of the corporation.

7. To make and enter into contracts and agreements necessary or incidental to its performance of the duties and the powers granted to the corporation.

8. To sue and be sued, plead, and adopt a seal.

9. With the approval of the treasurer of state, to invest funds which are not needed for immediate use or disbursement, including funds held in reserve, in obligations issued or guaranteed by the state or the United States.

10. To procure insurance against a loss in connection with its property and other assets.

11. To the extent permitted under a corporation contract with other persons, to consent to a termination, modification, forgiveness, or other change in the terms of a contractual right, payment, royalty, contract, or agreement.

12. To take necessary action to render bonds issued under this division more marketable.

Section History: Recent form

83 Acts, ch 207, § 25, 93 ~ICS83, § 28.87 ~IC93, § 15E.87 ~I94 Acts, ch 1201, §19--;21

Internal References

Referred to in § 15.108

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Last update: Mon Jan 27 16:05:08 CST 1997
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