§ 15-4-509 — Corporate powers

Each corporation organized under this act shall have power: (1) To sue and be sued, complain, and defend in its corporate name; (2) To have perpetual succession, unless a limited period of duration is stated in its articles of incorporation; (3) To adopt a corporate seal, which may be altered at pleasure, and to use it, or a facsimile thereof as required by law; (4) To encourage and promote the economic, agricultural, and industrial development of its city, town, or county; (5) To purchase, receive, lease as lessee or in any other manner acquire, own, hold, maintain, sell, exchange, and use any and all real and personal property, or any interest therein; (6) In the manner hereinafter provided, to borrow money and otherwise contract indebtedness, to issue its bonds or other obligations therefor, and to secure the payment thereof by mortgage, pledge, or a deed of trust of all or any part of its property, assets, revenues, or income; (7) To sell and convey, mortgage, pledge, lease as lessor, and otherwise dispose of all or any part of its property and assets; (8) To accept gifts or grants of money, service, or property, real or personal; (9) To make any and all contracts necessary or convenient for the exercise of the powers granted in this act; (10) To conduct its business and have officers within or without the state; (11) To elect or appoint officers, agents, and employees of the corporation and to define their duties and fix their compensation; (12) To make and alter bylaws not inconsistent with the articles of incorporation or with the laws of this state for the administration and regulation of the affairs of the corporation; and (13) To do and perform any and all acts and things and to have and exercise any and all powers as may be necessary, convenient, or appropriate to effectuate the purpose for which the corporation is organized.

Legislative History

Acts 1955, No. 404, § 19; A.S.A. 1947, § 9-522; Acts 1997, No. 339, § 4; 2001, No. 620, § 3.