77-5-239 - Issuance of bonds by corporation.
§ 77-5-239. Issuance of bonds by corporation.
A corporation formed under the provisions of this article shall have power and is hereby authorized, from time to time, to issue its bonds for any corporate purpose. Said bonds may be authorized by resolution or resolutions of the board, and may bear such date or dates, mature at such time or times, not exceeding forty years from their respective dates, bear interest at such rate or rates within limitations set forth in other provisions of this article, payable semiannually, be in such denominations, be in such form, either coupon or registered, carry such registration privileges, be executed in such manner, be payable in such medium of payment, at such place or places, and be subject to such terms of redemption not exceeding par and accrued interest, as such resolution or resolutions may provide. Such bonds may be issued for money or property at public or private sale, for such price or prices as the board shall determine, provided that the interest cost to maturity of the property (at its value as determined by such board, the determination of which shall be conclusive), or money received for any issue of said bonds, shall not exceed the interest rate limitations set forth in other provisions of this article, payable semiannually. Pending the preparation or execution of definite bonds, interim receipts or certificates or temporary bonds may be delivered to the purchaser of said bonds. Any provision of law to the contrary notwithstanding, any bonds and the interest coupons appertaining thereto, if any, issued pursuant to this article shall possess all of the qualities of negotiable instruments.
Sources: Codes, 1942, § 5477; Laws, 1936, ch. 184; Laws, 1970, ch. 423, § 2, eff from and after passage (approved March 26, 1970).