7.__Compensation.__Each member of the board is entitled to compensation in accordance with chapter 379.__Each member of the board must be indemnified by the board against expenses incurred by that member in connection with the defense of an action or proceeding in which the member is made a party by reason of being or having been a member of the board and against any final judgment rendered against the member in that action or proceeding.

§6405. Powers

In order to carry out the purposes of this Act, the board has powers with respect to a project, projects or part of any project and other powers that may be necessary for the performance of the following:

1.__Perpetual succession.__To have perpetual succession as a body politic and corporate and as a public instrumentality of the State;

2.__Power to sue and be sued.__To sue or initiate or appear in any proceeding, and the board may be sued on its written contracts or in accordance with chapter 375; Title 1, section 409; or Title 14, chapter 741;

3.__Official seal.__To adopt and have an official seal and alter the seal at pleasure;

4.__Bylaws; rules.__To adopt bylaws and, pursuant to chapter 375, adopt any rule necessary or useful for carrying out any of its powers or duties pursuant to this Act.__Rules adopted by the board are routine technical rules pursuant to chapter 375, subchapter 2-A, unless otherwise expressly designated;

5.__Acquire real or personal property.__To acquire real or personal property or any interest in real or personal property, including rights or easements, on either a temporary or long-term basis by gift, purchase, transfer, foreclosure, lease or otherwise, to improve, hold, sell with or without public bidding, assign, lease, rent, encumber, mortgage or otherwise dispose of any real or personal property or any interest in real or personal property, or mortgage interests owned or in its control, custody or possession and release or relinquish any right, title claim, lien, interest, easement or demand, however acquired, including threat of foreclosure;