Article I – OBJECTS AND PURPOSES
1. The objects and purposes of the Thoroughbred Owners and Breeders Association, Inc. (the “Association”) are:
a. To improve Thoroughbred breeding and racing,
b. To gather and disseminate information which can be used to improve conditions, practices or methods employed in the breeding, raising, selling and racing of Thoroughbreds;
c. To investigate, report and eliminate in any lawful way all practices detrimental to the Thoroughbred industry;
d. To promote and maintain mutual understanding and respect between the public and Thoroughbred industry;
e. To advise with national, state and local governments on matters affecting the Thoroughbred industry; and
f. To assist, promote and encourage cooperative effort among Thoroughbred owners, breeders and others to achieve the foregoing objects and purposes.
2. For any purposes of the Association and not for pecuniary profit, the Association shall have the following powers:
a. To take, own, hold, deal in, mortgage and otherwise give liens against, and to lease, sell, exchange, transfer, or in any manner whatever, to dispose of real property, within or without the State of Delaware, wherever situated;
b. To build, purchase or obtain by devise, gift or otherwise, any and all real and personal property within or without the State of Delaware wherever situated.
c. To enter into, make and perform contracts of every kind for any lawful purpose;
d. Without limitation as to amount, to borrow or raise moneys, to draw, make, accept, endorse, discount, execute, pledge, issue, sell or otherwise dispose of promissory notes, drafts, bills of exchange, warranties, bonds, debentures and other instruments, whether negotiable or non-negotiable, transferable or non-transferable, and evidences of indebtedness, whether secured by mortgage or otherwise, either alone or jointly with any other person or corporation, or the whole or any other part of the property of the corporation to be acquired; to confer upon the holders of any of its obligations such power, rights and privileges as from time to time may be deemed advisable by the Board of Trustees; except as may be specifically prohibited by law, to lend money with or without collateral or other security;
e. To edit, print, publish and distribute any letters, bulletins, papers, periodicals or books, and to produce and disseminate by any other means of communication information of value to Thoroughbred owners and breeders;
f. To have one or more offices to conduct business, carry on its operations and promote its objects and purposes both within and without the State of Delaware and in other states of the United States without restrictions as to place or numbers; and
g. To do all and everything necessary and proper for the accomplishment of any of the purposes or the attainments of any of the objects or the furtherance of any of the powers hereinbefore set forth, and not for pecuniary profit, either alone or in association with other corporations, firms, or individuals, and to do every other act or acts, thing or things, incidental or appurtenant to or growing out of or connecting with the aforesaid objects or powers, or any part or parts thereof, provided the same be not inconsistent with the laws under which the Association is organized.
The enumeration herein of the objects and purposes of this Association shall be construed as powers as well as objects and purposes, and shall not be deemed to exclude by inference any powers, objects or purposes which this Association is empowered to exercise, whether expressly by force of the laws of the State of Delaware now or hereinafter in effect, or impliedly by the reasonable construction of said laws.