§31-21-5. Creation of the West Virginia Land Stewardship Corporation; powers and limitations.
(a) The corporation shall be organized as a nonprofit, nonstock corporation under the West Virginia Nonprofit Corporation Act, article two, chapter thirty-one-e of this code. The property thereof is deemed to be held for an area economic development purpose under subdivision fourteen, subsection (a), section nine, article three, chapter eleven of this code.
(b) The corporation shall apply for recognition of nonprofit exempt status by the United States Internal Revenue Service under one or more charitable purposes within the meaning of section 501(c) of the Internal Revenue Code of 1986, as amended.
(c) The corporate name for the corporation shall be the "West Virginia Land Stewardship Corporation".
(d) The corporation shall have all of the powers of a nonprofit corporation as set forth in chapter thirty-one-e of this code.
(e) Except as otherwise provided in chapter thirty-one-e of this code or in this article, the corporation may do all things necessary or convenient to implement the purposes, objectives and provisions of this article and the purposes, objectives and powers delegated to the board of directors of a nonprofit corporation by other laws or executive orders, including, but not limited to, all of the following:
(1) Adopt, amend and repeal bylaws for the regulation of its affairs and the conduct of its business;