Powers and responsibilities of the Board

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  • The Board shall have the following powers and responsibilities:
    • (1) To hire such persons on contract with such institutions as the Board deems necessary to administer the decisions of the Board made pursuant to this section.

    • (2) To make monies available for the purchase of items necessary in the production of craft.

    • (3) To make craft available for display to the public.

    • (4) To make rules and regulations consistent with the provisions of this section as are necessary or desirable to effectuate the purpose of this section, including but not limited to: (A) the time within which lending institutions must make commitments and disbursements for loans and (B) the charging and collecting of fees in connection with making, purchasing and servicing machines and equipment used to make craft.

    • (5) To accept gifts, grants or loans of funds, insurance or guarantees, property, or services from any source, public or private, subject to the provisions of this section.

    • (6) To acquire, convey, transfer, pledge, lease, hold and dispose of real and personal property for the purposes set forth in this section, including but not limited to (A) acquiring real or personal property, or any interest therein, on a temporary or permanent basis in the name of the Government by gift, purchase, transfer, foreclosure, lease or otherwise, including rights or easements in property; (B) disposing of property by public or private sale, subject to the Territory's bidding laws; and (C) operating and managing property in such a manner as may be necessary to protect the interest of the Government and the holders of its obligations.


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