Any such city or municipality may create corporations, own stock therein and name directors and officers for the management thereof, for the purpose of having the corporations acquire properties in like manner as provided in Section 51-15-510 for the uses set out therein. The Secretary of State may issue charters for such corporations just as charters are now issued for business corporations and such corporations when formed shall have the powers of usual business corporations, with special authority to buy, sell, own, lease or mortgage the real and personal property so acquired.
HISTORY: 1962 Code Section 51-172; 1952 Code Section 51-172; 1942 Code Section 7553; 1933 (38) 295.