§ 27-8-1-2 — Corporate status and powers

A corporation, association, or society organized
under the provisions of this chapter shall be a body corporate and
politic by the name stated in certificate of organization, and by that
name, they and their successors:
(1) may have succession, and shall be persons in law capable of
suing and being sued;
(2) may have power to make and enforce contracts in relation to
the legitimate business of their corporation, association or society;
(3) may have and use a common seal, and may change or alter the
same at pleasure, and they or their successors in their corporate
name shall in law be capable of taking, purchasing, holding, and
disposing of real and personal estate for purposes of their
association or society; and
(4) may make bylaws not inconsistent with the constitution and
law of this state or the United States, in which bylaws shall be
defined the manner and form of electing directors and officers of
the corporation, association, or society, and the qualifications and
duties of the same, and also the qualifications and privileges of
members thereof.
Formerly: Acts 1883, c.136, s.2. As amended by P.L.252-1985,
SEC.269.