§ 10-33-21 — General powers

1. A corporation has the powers set forth in this section, subject to any limitations
provided in any other statute of this state or in its articles.
2. A corporation has perpetual duration.
3. A corporation may sue and be sued, complain and defend and participate as a party or
otherwise in any legal, administrative, or arbitration proceeding, in its corporate name.
4. A corporation may purchase, lease, or otherwise acquire, own, hold, improve, and use
and otherwise deal in and with real or personal property, or any interest in property,
wherever situated.
5. A corporation may sell, convey, mortgage, create a security interest in, lease,
exchange, transfer, or otherwise dispose of all or any part of its real or personal
property, or any interest in property, wherever situated.
6. A corporation may purchase, subscribe for, or otherwise acquire, own, hold, vote, use,
employ, sell, exchange, mortgage, lend, create a security interest in, or otherwise
dispose of, use and deal in and with, securities or other interests in, or obligations of, a
person or direct or indirect obligations of any domestic or foreign government or
instrumentality.
7. A corporation may make contracts and incur liabilities, borrow money, issue its
securities, and secure any of its obligations by mortgage of or creation of a security
interest in all or any of its property, franchises, and income. All assets received by a
corporation from donors for special use or purpose must be designated as temporarily
restricted or permanently restricted in accordance with the applicable generally
accepted accounting principles and disclosed on the corporation's financial
statements. A corporation may pledge as collateral, grant a security interest in, or
borrow from assets initially designated as temporarily restricted only for purposes that
are in accordance with the donor's restrictions. A corporation may not pledge as
collateral, grant a security interest in, or borrow from assets designated as
permanently restricted assets.
8. A corporation may invest and reinvest its funds.
9. A corporation may take and hold real and personal property, whether or not of a kind
sold or otherwise dealt in by the corporation, as security for the payment of money
loaned, advanced, or invested.
10. A corporation may conduct its activities, carry on its operations, have offices, and
exercise the powers granted by this chapter anywhere in the universe.
11. Except as otherwise prohibited by law, a corporation may make donations, irrespective
of corporate benefit, for:
a. The public welfare;
b. Social, community, charitable, religious, educational, scientific, civic, literary, and
testing for public safety purposes, and for similar or related purposes;

c. The purpose of fostering national or international amateur sports competition; and
d. The prevention of cruelty to children and animals, and for similar or related
purposes.
12. A corporation may pay pensions, retirement allowances, and compensation for past
services and establish employee or incentive benefit plans, trusts, and provisions for
the benefit of the corporation and the corporation's related organizations' officers,
managers, directors, governors, employees, and agents and, in the case of a related
organization that is a limited liability company, members who provide services to the
limited liability company, and the families, dependents, and beneficiaries of any of
them. It may indemnify and purchase and maintain insurance for a fiduciary of any of
these employee benefit and incentive plans, trusts, and provisions.
13. A corporation may participate in any capacity in the promotion, organization,
ownership, management, and operation of any organization or in any transaction,
undertaking, or arrangement that the participating corporation would have power to
conduct by itself, whether or not the participation involves sharing or delegation of
control.
14. A corporation may provide for its benefit life insurance and other insurance with
respect to the services of its officers, directors, employees, and agents, or on the life of
a member for the purpose of acquiring, at the death of the member, any membership
interests in the corporation owned by the member.
15. A corporation may have, alter at pleasure, and use a corporate seal as provided in
section 10-33-22.
16. A corporation may adopt, amend, and repeal bylaws relating to the management of the
activities or the regulation of the affairs of the corporation as provided in section