(a) The association may:
(1) employ or retain persons as necessary to handle claims and perform other duties of the association;
(2) borrow money necessary to implement this chapter in accordance with the plan of operation;
(3) sue or be sued;
(4) negotiate and enter into a contract as necessary to implement this chapter; and
(5) perform other acts as necessary or proper to implement this chapter.
(b) A contract authorized by Subsection (a)(4) includes a lump-sum or structured compromise and settlement agreement with a claimant who has a claim for medical or indemnity benefits for a period of three years or more, other than a settlement or lump-sum payment in violation of Subtitle A, Title 5, Labor Code.