(1) Subject to this Act and the regulations, the corporation has the power and capacity of an individual of full capacity.
(2) Without limiting subsection (1) but subject to this Act and the regulations, the corporation has the power and capacity to do one or more of the following:
(a) acquire, construct, hold or improve transportation infrastructure or cause it to be acquired, constructed, held or improved;
(b) acquire, hold or dispose of land, including interest in land;
(c) with the approval of the Minister of Finance, borrow money;
(d) with the approval of the minister, enter into agreements with the government of Canada, the government of another province or territory within Canada or the government of a jurisdiction outside Canada, or with an agency, department or official of any of those governments;
(e) with the approval of the minister, acquire or create a subsidiary, as defined in the Business Corporations Act, to carry out the purposes of the corporation;
(f) do such other things and have such powers and capacities as the Lieutenant Governor in Council may authorize;
(g) with the approval of the Lieutenant Governor in Council, enter into one or more agreements under section 2 (1.1) (a) to (c).
(3) With the prior approval of the Lieutenant Governor in Council, the corporation may in any year pay to a municipality in which it has property a grant not greater than the amount that would be payable as taxes on the property in that year if the property were not exempt from taxation by the municipality.
(4) If directed to do so by the Lieutenant Governor in Council, the corporation must pay to a municipality in which it has property a grant not greater than the amount that would be payable as taxes on the property in that year as if the property were not exempt from taxation by the municipality.