Statute Text
General
powers.
(1) Unless
its articles of incorporation provide otherwise, every corporation has
perpetual duration and succession in its corporate name.
(2) Unless its
articles of incorporation provide otherwise, every corporation has the same
powers as an individual to do all things necessary or convenient to carry out
its business and affairs, including without limitation, power to:
(a) Sue and be
sued and complain and defend in its corporate name;
(b) Have a
corporate seal, which may be altered at will, and use it or a facsimile
thereof, by impressing, affixing or reproducing it in any other manner;
(c) Make and
amend bylaws, not inconsistent with its articles of incorporation or with the
laws of this state for managing the business and regulating the affairs of the
corporation;
(d) Purchase,
receive, lease or otherwise acquire, and own, hold, improve, use and otherwise
deal with real or personal property, or any interest in property, wherever
located;
(e) Sell, convey,
mortgage, pledge, lease, exchange and otherwise dispose of all or any part of
its property;
(f) Purchase,
receive, subscribe for, acquire, own, hold, vote, use, sell, mortgage, lend,
pledge or otherwise dispose of and deal in and with shares or other interests
in, or obligations of, any other entity;
(g) Make
contracts and guarantees, incur liabilities, borrow money, issue its notes,
bonds and other obligations that may be convertible into other securities of
the corporation or include the option to purchase other securities of the
corporation and secure any of its obligations by mortgage or pledge of any of
its property, franchises or income;
(h) Lend money,
invest and reinvest corporate funds and receive and hold real and personal
property as security for repayment;
(i) Be a
promoter, partner, member, associate or manager of any partnership, joint
venture, trust or other entity;
(j) Conduct its
business, locate offices and exercise the powers granted by this chapter within
or without this state;
(k) Elect
directors and appoint officers, employees and agents of the corporation;
(L) Define
directors, officers, employees and agents duties, fix their compensation
and lend them money and credit;
(m) Pay pensions
and establish pension plans, share option plans and benefit or incentive plans
for any or all of its current or former directors, officers, employees and
agents;
(n) Make
donations for the public welfare or for charitable, scientific or educational
purposes;
(o) Transact any
lawful business that will aid governmental policy; and
(p) Make payment
or donations or do any other act, not inconsistent with law, that furthers the
business and affairs of the corporation. [1987 c.52 §23]