(1) Subject to the provisions of this part 9 and subject to other applicable provisions of law, the board shall have all powers customarily vested in the board of directors of a corporation. It shall appoint a director, who shall recommend the hiring of such staff as may be required. The board shall exercise supervisory control over the activities of the director and the staff of the authority in carrying out the functions authorized by this part 9.(2) In addition to the powers granted by subsection (1) of this section, the board, acting on behalf of the authority, shall also have the power:(a) To conduct investigations for the purposes of locating reserves of unconventional gas and the means and methods of exploring, developing, and producing such gas;(b) To take over, by purchase, lease, or otherwise, any project undertaken by any government or by the municipality; except that such takeover shall not interfere with the normal use of any real property, or other property appurtenant thereto, which is devoted or dedicated to a public utility use;(c) To act as agent for the federal government in connection with the acquisition, construction, operation, or management of the project

thereto, which is devoted or dedicated to a public utility use;(c) To act as agent for the federal government in connection with the acquisition, construction, operation, or management of the project or any part thereof.(3) To the extent authorized by the governing body, the board may provide, out of project funds, for the compensation and the reimbursement of actual and necessary expenses of the board of the authority.L. 80: Entire part added, p. 660, § 1, effective July 1.