For the purposes of exercising the specific powers granted in this chapter and effectuating the other purposes of this chapter, the foundation:

(1)  May be sued and sue;

(2)  May have a seal and alter it at will;

(3)  May make, amend, and repeal rules relating to the conduct of the business of the foundation;

(4)  May enter into contracts relating to the administration of the foundation;

(5)  May rent, lease, buy or sell property in its own name and may construct or repair buildings necessary to provide space for its operations;

(6)  May hire personnel, consultants and experts and set salaries; and

(7)  May perform all other functions and exercise all other powers that are necessary, appropriate or convenient to administer the foundation.

History of Section.
P.L. 1999, ch. 215, § 1; P.L. 1999, ch. 376, § 1.