§ 32-280. Real estate; contracts; improvements; execution of obligations; plans.

(a)

The port commission shall have the authority and power to purchase, receive by deed or otherwise hold, lease, improve, exchange and condemn as more particularly set forth in this article, and/or sell real estate for the development and/or extension of the City of Memphis and the county port and harbor and the furtherance of commerce and transportation by water, railroad, truck, airplane or other transportation facilities; to contract with any person or agency, public or private, with reference to any of the objects of its creation and in the performance of the duties imposed on the commission, provided, any purchase, condemnation, lease, sale or exchange of real estate shall first be approved by the mayor and council of the City of Memphis and the board of county commissioners.

(b)

Any contract or expenditure for improvements that involves more than $5,000.00 shall be valid only if approved by the mayor and council of the City of Memphis and the board of county commissioners. Deeds, leases, and other instruments evidencing conveyances, contracts and other obligations of the commission shall be executed by the chairman and the secretary and/or treasurer of the commission; and purchasers from the commission shall not be bound to see to the application or use of any sums paid to the commission. Any general plan for the development and extension of the City of Memphis and/or the county port and harbor and the improvement of real estate conveyed to or placed under the jurisdiction of the commission shall first be submitted to the City of Memphis planning commission and/or the county planning commission, whichever of such planning commissions may have jurisdiction, for any advisory opinion.

(Code 1992, § 18-10; Priv. Acts 1947, ch. 529, § 10; Priv. Acts 1963, ch. 158, § 1)