Powers of neighborhood redevelopment corporations

Powers of neighborhood redevelopment corporations. Every corporation organized under this Act shall, subject to the conditions and limitations prescribed by this Act, have the following rights, powers and privileges: (1) To have succession by its corporate name for the period limited in its articles of incorporation; Provided, that in no instance shall corporate succession exceed sixty years. (2) To sue and be sued in its corporate name. (3) To have and use a common seal and alter it at pleasure. (4) To have a capital stock of such an amount and divided into shares as may be provided in the articles of incorporation, or any amendment thereof, subject to the conditions prescribed by Section 7 of this Act; Provided, that the issuance of the shares of stock of every corporation organized under this Act shall be subject to supervision and regulation of the Redevelopment Commission, as in this Act provided. (5) To acquire, own, use, convey and otherwise dispose of and deal in Real Property, however acquired, subject to the conditions and restrictions of this Act; Provided, that no single sale, mortgage, lease or conveyance of two-thirds or more of the corporate assets shall be made, except within a period of one year immediately preceding the expiration by lapse of time of the corporate charter, without the consent of the holders of two-thirds of all the outstanding capital stock of the corporation at any annual meeting or at any special meeting called for that purpose; Provided further, that no Real Property shall ever be acquired, owned or used by such corporation outside its Development Area. (6) To borrow money for its corporate purposes at such rate of interest as the corporation may determine, subject to the approval of the Redevelopment Commission as in this Act provided; and to mortgage or pledge its property, both real and personal, to secure the payment thereof. (7) To elect officers, appoint agents, define their duties and fix their compensation. (8) Subject to the provisions of this Act, to acquire Real Property by exercise of the power of eminent domain in the manner provided by the general laws of the State relating thereto. (9) To make and alter by-laws, not inconsistent with its articles of incorporation or with the laws of this State, for the administration and regulation of the affairs of the corporation. (10) To conduct business in this State, subject to the provisions of this Act. (11) To cease doing business and to surrender its charter. (12) To have and exercise all the powers necessary and convenient to carry into effect the purposes for which the corporation is formed. (Source: P.A. 96-66, eff. 1-1-10.)