The board of managers may:

1. (1) accept and use gifts, grants, and contributions from any public or private source, under terms and conditions which the board of managers 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 clause (6) of this section;
6. (6) after its approval of a proposal, transfer money, quarterly or less frequently, from the fund established in section 7 of this chapter, to any Indiana not-for-profit corporation for the purpose of promotion and encouragement in the county of conventions, trade shows, visitors, or special events; and

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

   As added by Acts 1978, P.L.49, SEC.1.