(a) The authority has the following powers:

(1) Perpetual succession in corporate name;

(2) Sue and be sued in its name;

(3) Adopt, use and alter a corporate seal, which shall be judicially noticed;

(4) Enter into such contracts and cooperative agreements with federal, state and local governments, with agencies of such governments, with private individuals, corporations, associations and other organizations as the board may deem necessary or convenient to enable it to carry out the purposes of this part;

(5) Adopt, amend and repeal bylaws;

(6) Appoint such managers, officers, employees, attorneys and agents as the board deems necessary for the transaction of its business, fix their compensation, define their duties and require bonds of such of them as the board may determine. The salaries of any such employees may be paid out of such funds as may be available to the authority;

(7) Accept the transfer of grants, funds, assets and liabilities of the authority upon the termination of the interlocal government cooperative agreement establishing the authority, in accordance with § 64-10-217;

(8) Create pilot programs for the establishment of new small business incubators, and for the maintenance and support of existing small business incubators in the region;

(9) Accept state appropriations to be used solely for the creation of pilot programs to establish and maintain small business incubators in the region; and

(10) Adopt policies and procedures to administer pilot programs, including, but not limited to, policies and procedures to establish criteria to determine which counties in the region shall qualify for funding to establish small business incubators.

(b) The board shall:

(1) Approve an annual budget for the authority;

(2) Adopt a purchasing policy and a personnel policy consistent with state and federal law; and

(3) Adopt policies and procedures for fiscal control and accounting.

(c) The board may do all other things that are necessary or appropriate for carrying out this part that are not prohibited by law or this part.