Page:United States Statutes at Large Volume 82.djvu/590

 548

PUBLIC LAW 90-448^UG. 1, 1968

[82 STAT.

elected, and for terms of three years or until their successors have been appointed and have qualified, except that the first three members of the board so appointed shall continue in office for terms of one, two, and three years, respectively, and any memlber so appointed to fill a vacancy shall be appointed only for the unexpired term of the director whom he succeeds. Twelve members of the board shall be elected by the stockholders. FINANCING THE CORPORATION

SEC. 905. The corporation shall have the power to create and issue the number of shares stated in its articles of incorporation. Such shares may be divided into one or more classes, any or all of which classes may consist of shares with par value or shares without par value, with such designations, preferences, voting powers, and special or relative rights and such limitations, restrictions, or qualifications thereof as shall be stated in the articles of incorporation. The articles of incorporation may limit or deny the voting power of the shares of any class. PURPOSES AND POWERS OF THE CORPORATION

SEC. 906. (a) I n order to achieve the objectives and carry out the purposes of this title, the corporation is authorized to— (1) plan, initiate, and carry out, pursuant to Federal programs or otherwise, the building or rehabilitation of housing and related facilities primarily for the benefit of families and individuals of low or moderate income; (2) buy, own, manage, lease, or otherwise acquire or dispose of property in connection with the developments, projects, or undertakings referred to in paragraph (1); and (3) provide such funds as may be necessary to accomplish the developments, projects, or undertakings referred to m paragraph (1). (b) Included in the activities authorized to the corporation for the accomplishment of the purposes indicated in subsection (a) of this action are, among^ others not specifically named— (1) to enter nito partnerships, limited partnerships, joint ventures, and other associations with individuals, corporations, and private and governmental agencies, organizations, and institutions; (2) to act as manager or general partner of any such partnership, venture, or association; Research con (3) to conduct or contract for research and studies related to tracts. the development, demonstration, and evaluation of improved techniques and methods of constructing, rehabilitating, and maintaining housing; (4) to provide technical assistance to nonprofit corporations, limited dividend corporations, and others with respect to the planning, financing, construction, rehabilitation, maintenance, and management of housing for low and moderate income families and individuals; Loans or grants. (5) ^Q make loans or gTauts including grants of interests in housing and related facilities, to nonprofit corporations, limited dividend corporations, and others, in carrying out its activities under subsection (a) of this section; and (6) to hire or accept the voluntary services of consultants, experts, advisory boards, and panels to aid the corporation in carrying out the purposes of this title. (c) To carry out the foregoing purposes and engage in the foregoing activities, the corporation shall have the usual powers conferred

�