From the date of the formation order, the port specified in the order shall:
(1) Have perpetual succession.
(2) Have, and may exercise and carry out, the corporate powers and objects declared by ORS 777.005 (Definitions for ORS 777.005 to 777.725 and 777.915 to 777.953) to 777.725 (Borrowing money to pay bonus) and 777.915 (Definitions for ORS 777.915 to 777.953) to 777.953 (Annexation).
(3) Make all contracts, hold, receive and dispose of real and personal property, and do all other acts and things which may be requisite, necessary or convenient in carrying out the objects of the corporation or exercising the powers conferred upon it.
(4) Sue and be sued, plead and be impleaded in all actions, suits or proceedings brought by or against it. [Amended by 1971 c.727 §184; 1971 c.728 §10]