The commission may:

1. (1) accept and use gifts, grants, and contributions from any public or private source, under terms and conditions which the commission deems necessary and desirable;
2. (2) sue and be sued;
3. (3) enter into contracts and agreements;
4. (4) make rules and regulations necessary for the conduct of its business and the accomplishment of its purposes;
5. (5) receive and approve, alter, or reject requests and proposals for funding by corporations qualified under subdivision (6);
6. (6) after its approval of a proposal, transfer money, quarterly or less frequently, from the fund required by section 7 of this chapter, to any not-for-profit corporation, for the purpose of promotion and encouragement in the county of convention and visitation development; and

7. (7) require financial or other reports from any corporation that receives funds under this chapter.

   A majority of the commission shall constitute a quorum for the transaction of business, and the concurrence of a majority of the commission shall be necessary to authorize any action.

   As added by Acts 1981, P.L.100, SEC.1. Amended by P.L.62-1990, SEC.4.