Section 394.031 - Exercise of Powers(a) A housing finance corporation may exercise any powers incidental to or necessary for the performance of the powers prescribed by this subchapter and may exercise other powers necessary or appropriate to carry out the purposes for which the corporation is organized.(b) A housing finance corporation may exercise powers under this chapter by resolution of the board of directors. The resolution takes effect immediately on adoption.Tex. Loc. Gov't. Code § 394.031
Acts 1987, 70th Leg., ch. 149, Sec. 1, eff. 9/1/1987.