Section 5A: Innovation development; grants, loans, etc.; subsidiary corporation
Section 5A. The MTDC is hereby authorized to operate as a corporation for innovation development under the provisions of the rules and regulations of the United States Department of Commerce regarding corporations for innovation development and under the provisions of the Public Laws of the United States regarding such corporations. In its capacity as a corporation for innovation development, the MTDC is authorized to accept any and all grants, loans, guarantees, subsidies, matching funds, reimbursements, property, services, or other things of value from the United States or any agency thereof or from any regional governmental agency or from any government agency of any other state or from any institution, person, firm or corporation, public or private, to be used for the purposes of a corporation for innovation development as set forth in applicable federal laws and regulations. The board of directors of the MTDC may, in its discretion, establish a subsidiary corporation to operate as a corporation for innovation development if it determines that it would be preferable for operational reasons to separate said corporation for innovation development activities from the other activities of MTDC.