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The Florida Senate

2005 Florida Statutes

Powers of the Florida Black Business Investment Board, Inc.
Section 288.709, Florida Statutes 2005

288.709  Powers of the Florida Black Business Investment Board, Inc.--The board shall have all the powers necessary or convenient to carry out and effectuate the purposes and provisions of ss. 288.707-288.714, including, but not limited to, the power to:

(1)  Adopt bylaws for the regulation of its affairs and the conduct of its business and adopt policies to implement the provisions of law conferring duties upon it. Such bylaws shall provide that the corporation is subject to the requirements of s. 24, Art. I of the State Constitution and chapter 119 and s. 286.011

(2)  Adopt an official seal.

(3)  Sue and be sued in its own name.

(4)  Make and execute contracts and other instruments necessary or convenient for the exercise of its power and functions.

(5)  Acquire, hold, and dispose of personal property for its corporate purposes.

(6)  Enter into agreements or other transactions with any federal, state, or local agency.

(7)  Encourage financial institutions to participate in consortia for the purpose of investing in black business enterprises.

(8)  Ensure that funds available to the board for purposes set forth in ss. 288.707-288.714 are disbursed on a statewide basis and are not concentrated in one geographical area.

(9)  Invest any funds held in reserves or sinking funds, or any funds not required for immediate disbursement, in such investments as may be authorized for trust funds under s. 215.47; however, such investments will be made on behalf of the board by the Chief Financial Officer or by another trustee appointed for that purpose.

(10)  Appear in its own behalf before boards, commissions, departments, or other agencies of municipal, county, state, or Federal Government.

(11)  Procure insurance or require bond against any loss in connection with its property in such amounts and from such insurers as may be necessary or desirable.

(12)  Receive and accept from any federal, state, or local agency grants, loans, or advances for, or in aid of, the purposes of ss. 288.707-288.714, and to receive and accept contributions from any source of either money, property, labor, or other things of value, to be held, used, and applied for said purposes.

(13)  Create, issue, and buy and sell stock, evidences of indebtedness, and other capital participation instruments; to hold such stock, evidences of indebtedness, and capital participation instruments; and to underwrite the creation of a capital market for these securities in a manner designed to enhance development of capital ownership in the target group.

(14)  Provide and pay for such advisory services and technical assistance as may be necessary or desirable to carry out the purposes of this act.

(15)  Engage in special programs to enhance the development of black business enterprises as authorized by this act.

(16)  Promote black ownership of financial institutions in Florida.

(17)  Take, hold, and improve property, including real property.

(18)  Do any and all things necessary or convenient to carry out the purposes of, and exercise the powers given and granted in, ss. 288.707-288.714, and exercise any other powers, rights, or responsibilities of a corporation.

(19)  In addition to any indemnification available under chapter 617, indemnify, and purchase and maintain insurance on behalf of, directors, officers, and employees of the corporation and its boards against any personal liability or accountability by reason of actions taken while acting within the scope of their authority.

(20)  Provide in its bylaws that, upon the dissolution of the corporation, all of its assets, after payment of all legal debts and liabilities, revert to this state.

History.--ss. 11, 32, ch. 85-104; s. 80, ch. 87-224; s. 28, ch. 94-322; s. 65, ch. 96-320; s. 57, ch. 98-200; s. 48, ch. 99-251; s. 3, ch. 2002-180; s. 344, ch. 2003-261; s. 2, ch. 2003-268.