Section 5206. Powers of corporation

The corporation shall have the power:
    (a) To use a corporate seal, to contract, to sue and be sued, to adopt
  and amend by-laws and to exercise all powers necessary and convenient to
  accomplish the purposes of this article.
    (b)  To  prescribe, subject to the approval of the superintendent, the
  policy or endorsement form to be issued by  the  members  embodying  the
  coverage  required  by  subsection  (f)  of  section three thousand four
  hundred twenty of this chapter.
    (c) To provide for the  investigation  of  any  claim  asserted  by  a
  qualified person against a financially irresponsible motorist.
    (d)  To  settle  and pay any claim or judgment asserted by a qualified
  person against a financially irresponsible motorist.
    (e)  To  appear  and  defend,  through  attorneys   representing   the
  corporation,  on  behalf of the financially irresponsible motorist or on
  behalf of the corporation in any action brought against  him  or  it  as
  provided  in subsection (b) of section five thousand two hundred nine of
  this article.
    (f) To levy and  collect  assessments  against  its  members  for  any
  operating deficits of the corporation and for any funds required for its
  operation and to enforce payment by legal proceedings.
    (g)  To  borrow  for its corporate purposes, with or without security,
  and to pledge any of its assets as security  for  such  loan.  Notes  or
  other evidences of indebtedness of the corporation are legal investments
  for domestic property/casualty insurance companies and may be carried as
  admitted assets.
    (h)  To  pay  expenses  reasonably  incurred by the corporation in the
  exercise of any of its powers.