§286. Powers

            In addition to the powers granted it by the Nonprofit Corporation Law, as provided in Chapter 2 of Title 12 of the Louisiana Revised Statutes of 1950, the corporation shall have the following powers and authorities:

            (1) To sue and be sued.

            (2) To adopt bylaws and rules for the regulation of its affairs and the conduct of its business.

            (3) To maintain an office at its principal place of business as it may designate.

            (4) To make and execute contracts and all other instruments necessary or convenient for the exercise of its powers and functions under this Part with any federal or state governmental agency, local political subdivision, public or private corporation, lending institution, or other entity or person.

            (5) To accept, administer, and expend donations of movable or immovable property from any source and receive, administer, and expend appropriations from the legislature and financial assistance, guarantees, insurance, or subsidies from the federal or state government or a private source.

            (6) To acquire, purchase, hold, use, improve, lease, mortgage, sell, transfer, and dispose of any property, real, personal, or mixed, or any interest therein, including without limitation, the planning, designing, developing, and financing of the company projects.

            (7) To receive and accept from any agency of the United States, any agency of this state, any municipality, parish, or other political subdivision thereof, or from any individual, association, or corporation; gifts, grants, or donations of monies or other property for achieving any of the purposes of this Part, and to invest and disperse funds of the corporation.

            (8) To create, develop, construct, operate, manage, and finance equine facilities, and infrastructure, independently or in cooperation with other private or public entities, including one or more institutions of higher education.

            (9) To make and execute contracts with any nonprofit or not-for-profit firm, corporation, or entity for the operation, care, control, and management of the corporation's immovable property and its facilities or to contract with any such entity for any such purposes for any or all of such facilities.

            (10) To receive and accept from any source loans, contributions, or grants for or in aid of any purpose of the corporation, or the financing thereof in either money, property, labor, or other things of value.

            (11) To borrow money and incur debt to finance any activity of the corporation under this Part and for such purpose to mortgage, pledge, hypothecate, or otherwise encumber the property, real, personal, or mixed, or facilities, or revenues of the corporation as security for notes, evidences of indebtedness, or other obligations of the corporation and to assign or pledge all or any portion of its interest in property, corporeal or incorporeal, and the revenues therefrom.

            (12) To make and enter into contracts and to execute all instruments necessary or convenient for the carrying out of business.

            (13) To make and enter into cooperative endeavor agreements with the United States, or its agencies, or any agency of this state or any municipality, parish, or other political subdivision thereof or with any public or private association, corporation, or individual.

            (14) To delegate authority to any agent or establish any committee in order to accomplish the purposes of the corporation.

            (15) The board shall have full authority to delegate to the nonprofit entity its ability or authority to collect any rents, charges, admissions, or fares it may be empowered to collect.

            (16) To attract investments in research and development in equine facilities by focusing attention on various educational, cultural, scientific, and economic activities in this state and by assisting potential investors with information requested to determine whether to invest in this state.

            (17) To make and enter into cooperative endeavor agreements with the United States, or its agencies, or with any public or private association, corporation, or individual.

            (18) To attract investments in research and development of equine facilities and the associated businesses and industries by conducting and focusing attention on various educational, cultural, scientific, and economic activities in the region and the state, assisting potential investors with information requested to determine whether to invest in the region or in the state.

            (19) To conduct activities that retain and enhance existing businesses and industries in the region and the state through economic development and that diversify the economy to include equine facilities and its associated businesses and industries.

            (20) To conduct activities for any purpose or pursuant to any other authorization set forth in this Part which capitalize on the state's assets, including its natural resources and its people; maximize the benefits of the state's resources by promoting value-added products and a qualified labor force; match the competencies of the labor force with the market demands; and promote the coordination of information between employers, potential employees, and sources of employee training and recruitment to match employer needs and employee skills.

            (21) To procure or provide for the procurement of insurance or reinsurance against any loss in connection with its property or operations, including but not limited to insurance, reinsurance, or other guarantees from any federal or state governmental agency or private insurance company for the payment of any bonds issued by the authority, or bonds, notes, or any other obligations or evidences of indebtedness issued by the state or any political subdivision or by any lending institution or other entity or person, or insurance or reinsurance against loss with respect to loans to political subdivisions, including the power to pay premiums on such insurance or reinsurance.

            (22) To invest any funds held in reserve or sinking funds, or any monies not required for immediate use or disbursements at the discretion of the corporation in any investments or securities in which monies of the state are authorized to be invested.

            (23) To accept any gifts, grants, loans of funds, or financial or other aid in any form from the federal government or instrumentality thereof or from the state or from any other source and to comply, subject to the provisions of this Part, with the terms and conditions thereof.

            (24) To appoint an executive director to administer the affairs of the corporation. The executive director shall be appointed and serve at the pleasure of the board of directors.

            (25) To purchase movable and immovable property.

            (26) To contract with professionals and to pay such professionals for services rendered.

            (27) To exercise any and all powers possessed by any political subdivision necessary or convenient to effect the purposes of this Part.

            Acts 2025, No. 512, §1.