Except as otherwise provided in this chapter, a land bank is granted all powers necessary, convenient, or appropriate to carry out and effectuate the land bank's public and corporate purposes, which include the power to do the following:

1. (1) Sue or be sued in the land bank's own name.
2. (2) Enter into contracts.
3. (3) Establish accounts with financial institutions.
4. (4) Acquire, lease, improve, repair, renovate, and dispose of property.
5. (5) Borrow money, including issue bonds.
6. (6) Pledge collateral.
7. (7) Make investments.
8. (8) Hire employees, including an executive director.
9. (9) Procure insurance.

As added by P.L.211-2016, SEC.1.