Section 7-2-4. Powers

   The corporation may:

   (1) Enter into contracts, including contracts for reinsurance;

   (2) Sue and be sued;

   (3) Adopt, use, and display a corporate seal;

   (4) Advance funds, in accordance with agreed terms and conditions, to aid member financial institutions to operate and to meet liquidity requirements;

   (5) Assume control of the property and business of any member financial institution upon the written direction of the department and operate the financial institution in accordance with the recommendations of the department;

   (6) Assist in the merger, consolidation, or liquidation of member financial institutions;

   (7) Receive money or other property from its member financial institutions or from any corporation, association, or person;

   (8) Invest its funds in such manner as permitted to credit unions under the laws of this state and in such other manner as may be approved by the department;

   (9) Borrow money from any source upon such terms and conditions as the board of directors may determine;

   (10) Purchase in its own name, hold, and convey property of any nature necessary for the convenient transaction of its business;

   (11) Receive by assignment or purchase from its members any property of any nature owned by those members;

   (12) Sell, assign, mortgage, encumber, or transfer property of any nature;

   (13) Declare and pay dividends on membership fees with the approval of the department; and

   (14) Adopt and amend bylaws, rules, and regulations carrying out the purposes of the corporation.

Ga. L. 1974, p. 545, § 4; Ga. L. 1984, p. 952, § 3.