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 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.
3. 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.
4. To make and enter into contracts and agreements necessary or incidental to its performance of the duties and the powers granted to the corporation.
5. To sue and be sued, plead, and adopt a seal.
6. 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.
7. To procure insurance against a loss in connection with its property and other assets.
8. 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.
9. To take necessary action to render bonds issued under this division more marketable.
83 Acts, ch 207, § 25, 93
CS83, § 28.87
C93, § 15E.87
94 Acts, ch 1201, §19-21; 98 Acts, ch 1225, §25
Referred to in § 15.108
Liquidation of seed capital corporation, 98 Acts, ch 1225, § 27
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