A research park corporation shall have all the powers necessary and convenient to carry out and effectuate the provisions of the University Research Park and Economic Development Act, including the power to:

A. approve or disapprove proposals;

B. sue and be sued in its corporate name;

C. purchase, take, receive or otherwise acquire; own, hold, manage, develop, dispose of or use; and otherwise deal in and with property, including an interest in or ownership of intangible personal property, intellectual property or technological innovations;

D. sell, convey, pledge, exchange, transfer, lease or otherwise dispose of its assets and properties for consideration upon terms and conditions that the corporation shall determine; provided that any sale, conveyance, pledge, exchange, transfer, lease or disposal of a real property interest by a research park corporation shall be made in accordance with the provisions of Section 13-6-2 NMSA 1978;

E. make contracts, incur liabilities or borrow money at rates of interest that the research park corporation may determine;

F. make and execute all contracts, agreements or instruments necessary or convenient in the exercise of the powers and functions of the corporation granted by the University Research Park and Economic Development Act;

G. receive and administer grants, contracts and private gifts;

H. invest and reinvest its funds;

I. conduct its activities, carry on its operations, have offices and exercise the powers granted by the University Research Park and Economic Development Act;

J. make and alter bylaws that may contain provisions indemnifying any person who is or was a director, officer, employee or agent of the corporation and that are consistent with the University Research Park and Economic Development Act, for the administration and regulation of the affairs of research park corporations;

K. employ officers and employees that it deems necessary, set their compensation and prescribe their duties;

L. enter into agreements with insurance carriers to insure against any loss in connection with its operations;

M. authorize retirement programs and other benefits for salaried officers and employees of the research park corporation;

N. employ fiscal consultants, attorneys and other consultants that may be required and to fix and pay their compensation; and

O. enter into license agreements and contracts, including those involving intellectual property and technological innovations such as patents, copyrights, franchises and trademarks.

History: Laws 1989, ch. 264, § 6; 1998, ch. 54, § 3; 2007, ch. 247, § 6.

The 2007 amendment, effective June 15, 2007, permitted a research park corporation to lease, manage and develop property.

The 1998 amendment, effective May 20, 1998, in the introductory language, deleted "research" following "disapprove"; in Subsection C, inserted "dispose of or", deleted "real property or personal" preceding "property" inserted "an interest in or ownership", and deleted "or any interest therein" at the end of the Subsection; in Subsection D, deleted "all or any part of any of"; in Subsection F, substituted "the University Research Park Act" for "this"; rewrote Subsection J; in Subsection N, substituted "and employees as" for "that", and deleted "in its judgment" following "required"; in Subsection O, deleted "to acquire, hold and dispose of intellectual property and technological innovations and", inserted "including those", inserted "and", and deleted "and matters related thereto; and" following "trademarks"; deleted Subsection P; and made minor stylistic changes.