Sec. 3. The commission may: (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) sue and be sued; (3) enter into contracts and agreements; (4) make rules and regulations necessary for the conduct of its business and the accomplishment of its purposes; (5) receive and approve, alter, or reject requests and proposals for funding by corporations qualified under subdivision (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) 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.
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