Section 15-4-514 - Authority to borrow money, issue bonds, etc

(a) Each corporation organized under this act is authorized to borrow money and to issue negotiable coupon bonds, or notes, or other obligations for the payment thereof from corporate funds to carry out the purposes for which the corporation is organized.(b) However, no first lien bonds, notes, or other obligations shall be issued by any corporation organized under the provisions of this act for the purpose of purchasing any equipment or other personal property not used in manufacturing or processing operations.Acts 1955, No. 404, § 27; 1957, No. 47, § 5; 1968 (2nd Ex. Sess.), No. 11, § 2; A.S.A. 1947, § 9-530.