The trust fund of a hospital trust shall have power: (1) To have and use an appropriate descriptive name; (2) To sue and be sued in its own name; (3) To contract in its own name. All such contracts in writing shall be signed by the trustee of the trust, and if there is more than one (1) trustee, the contract may be so executed by one (1) trustee if so authorized by all trustees; (4) To borrow money and give security therefor; and (5) To engage exclusively in transactions authorized or required by this act, or reasonably incidental thereto.
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