This page was read by OCR. Text can misread numbers, dates or table columns. Check the PDF before quoting or interpreting it. Redacted areas remain redacted.
exercised by or under the authority of, and the business and affairs of the Company shall
be managed by, a Board of Managers, who shall be the Board of Commissioners for the
Newport News Redevelopment and Housing Authority (“NNRHA’). The powers so
exercised shall include but not be limited to the following:
(a) Entering into, making and performing contracts, agreements and
other undertakings binding the Company that may be necessary, appropriate or advisable
in furtherance of the purposes of the Company.
(b) Opening and maintaining bank accounts, investment accounts and
other arrangements, drawing checks and other orders for the payment of money, and
designating individuals with authority to sign or give instructions with respect to those
accounts and arrangements. Company funds shall not be commingled with funds from
other sources and shall be used solely for the business of the Company.
(c) Collecting funds due to the Company.
(d) Acquiring, utilizing for the Company’s purposes, maintaining and
disposing of any assets of the Company.
(e) To the extent that funds of the Company are available therefor,
paying debts and obligations of the Company.
(f) Borrowing money or otherwise committing the credit of the Company
for Company activities, and voluntarily prepaying or extending any such borrowings.
(g) Employing from time to time persons, firms or corporations for the
operation and management of various aspects of the Company’s business, including,
without limitation, managing agents, contractors, subcontractors, architects, engineers,
laborers, suppliers, accountants and attorneys on such terms and for such compensation
as the Board of Managers shall determine, notwithstanding the fact that the Board of
Managers or any Member may have a financial interest in such firms or corporations.
(h) Making elections available to the Company under the Code.
@ Registering the Company as a tax shelter with the Secretary of the
Treasury and furnishing to such Secretary lists of investors in the Company, if required
pursuant to applicable provisions of the Code.
g) Obtaining general liability, property and other insurance for the
Company, as the Board of Managers deem proper.
(k) Doing and performing all such things and executing, acknowledging
and delivering any and all such instruments as may be in furtherance of the Company's
purposes and necessary and appropriate to the conduct of its business.Jump to an indexed page (65 of 65)