Section 16-26C-7

Powers of the foundation.

The foundation shall have the following powers:

(1) To have succession by its corporate name in perpetuity;

(2) To sue and to be sued and to prosecute and defend in any court having jurisdiction of the subject matter and of the parties thereto;

(3) To adopt and use a corporate seal and to alter the seal at pleasure;

(4) To adopt and amend bylaws;

(5) To execute contracts and other necessary documents;

(6) To acquire by gift, grant, purchase, or otherwise, and to hold title to, real or personal property, or both, together with all rights incidental thereto;

(7) To invest and reinvest any funds of the foundation in any instrument, obligation, security, or property that constitutes a legal investment of the Teachers' Retirement System of Alabama;

(8) To solicit and accept devises, bequests, grants, and donations;

(9) To promulgate rules and regulations; and

(10) To have all other powers necessary or desirable to accomplish its corporate purposes.

(Acts 1992, 2nd Ex. Sess., No. 92-716, p. 212, §7.)