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• <br /> 3 . Any parent, parent-in-law, child, son-in-la , . <br /> daughter-in-law, sibling, uncle , aunt, cousin, niece or nephew <br /> residing in the household of a corporate official or employee. <br /> N. "Insolvent" or "insolvency" means an inability of a <br /> public corporation to pay debts as they become due in the usual <br /> course of its affairs . <br /> 0. "Mayor" means the Mayor of the city of Everett. <br /> P. "Public corporation" shall mean a corporation, <br /> commission, or authority organized under this chapter. <br /> Q. "Real Property" includes all lands , including <br /> improvements and fixtures thereon and property of any nature <br /> appurtenant thereto, or used in connection therewith, and every <br /> estate, interest and right, legal or equitable, therein, <br /> including terms for years and liens by way of judgment, mortgage <br /> or otherwise and the indebtedness secured by such liens . <br /> R. "Resolution" means an action of the Board of Directors <br /> with the quorum required by the charter or rules and regulations <br /> of a public corporation. <br /> S . "Rules and regulations" means the code or codes of rules <br /> adopted for the regulation or management of the affairs of the <br /> public corporation irrespective of the name or names by which <br /> such rules and regulations are designated. <br /> T. "State" (when used as a noun) shall mean the state o: <br /> Washington. <br /> Section . 030 Corporate Life <br /> The charter of the public corporation shall establish the <br /> character or term of its existence. The charter may provide: <br /> A. The public corporation shall have perpetual existence; <br /> B. The public corporation shall exist for a stated period c._ <br /> years , until a fixed expiration date, or during a set time <br /> period; or <br /> C. The public corporation shall cease to exist upon the <br /> occurrence of certain events or upon an expiration date measured <br /> from such events; or <br /> The charter may combine any term or condition set forth in <br /> subsection B with that set forth in subsection C . Should the <br /> charter fail to set forth the character or term of the public <br /> corporation ' s existence, the existence of the public corporation <br /> shall expire five years after the date of the issuance of its <br /> charter. <br /> . 040 Powers--Generally. <br /> Except as otherwise limited by the State Constitution, by <br /> statute, this chapter, or by the charter of the public <br /> corporation, a public corporation shall have the power to: <br /> A. Own and sell real and personal property; <br /> B. Contract and enter into partnership with individuals , <br /> associations and corporations , and the state and the United <br /> States ; <br /> - 4 - <br />