§ 202 — General powers

New York § 202

• Jurisdiction: New York
• Law BSC: Business Corporation
• Art. 2: Corporate Purposes and Powers

Text

§ 202. General powers.\n (a) Each corporation, subject to any limitations provided in this\nchapter or any other statute of this state or its certificate of\nincorporation, shall have power in furtherance of its corporate\npurposes:\n (1) To have perpetual duration.\n (2) To sue and be sued in all courts and to participate in actions and\nproceedings, whether judicial, administrative, arbitrative or otherwise,\nin like cases as natural persons.\n (3) To have a corporate seal, and to alter such seal at pleasure, and\nto use it by causing it or a facsimile to be affixed or impressed or\nreproduced in any other manner.\n (4) To purchase, receive, take by grant, gift, devise, bequest or\notherwise, lease, or otherwise acquire, own, hold, improve, employ, use\nand otherwise deal in and with, real or personal property, or any\ninterest therein, wherever situated.\n (5) To sell, convey, lease, exchange, transfer or otherwise dispose\nof, or mortgage or pledge, or create a security interest in, all or any\nof its property, or any interest therein, wherever situated.\n (6) To purchase, take, receive, subscribe for, or otherwise acquire,\nown, hold, vote, employ, sell, lend, lease, exchange, transfer, or\notherwise dispose of, mortgage, pledge, use and otherwise deal in and\nwith, bonds and other obligations, shares, or other securities or\ninterests issued by others, whether engaged in similar or different\nbusiness, governmental, or other activities.\n (7) To make contracts, give guarantees and incur liabilities, borrow\nmoney at such rates of interest as the corporation may determine, issue\nits notes, bonds and other obligations, and secure any of its\nobligations by mortgage or pledge of all or any of its property or any\ninterest therein, wherever situated.\n (8) To lend money, invest and reinvest its funds, and take and hold\nreal and personal property as security for the payment of funds so\nloaned or invested.\n (9) To do business, carry on its operations, and have offices and\nexercise the powers granted by this chapter in any jurisdiction within\nor without the United States.\n (10) To elect or appoint officers, employees and other agents of the\ncorporation, define their duties, fix their compensation and the\ncompensation of directors, and to indemnify corporate personnel.\n (11) To adopt, amend or repeal by-laws, including emergency by-laws\nmade pursuant to subdivision seventeen of section twelve of the state\ndefense emergency act, relating to the business of the corporation, the\nconduct of its affairs, its rights or powers or the rights or powers of\nits shareholders, directors or officers.\n (12) To make donations, irrespective of corporate benefit, for the\npublic welfare or for community fund, hospital, charitable, educational,\nscientific, civic or similar purposes, and in time of war or other\nnational emergency in aid thereof.\n (13) To pay pensions, establish and carry out pension, profit-sharing,\nshare bonus, share purchase, share option, savings, thrift and other\nretirement, incentive and benefit plans, trusts and provisions for any\nor all of its directors, officers and employees.\n (14) To purchase, receive, take, or otherwise acquire, own, hold,\nsell, lend, exchange, transfer or otherwise dispose of, pledge, use and\notherwise deal in and with its own shares.\n (15) To be a promoter, partner, member, associate or manager of other\nbusiness enterprises or ventures, or to the extent permitted in any\nother jurisdiction to be an incorporator of other corporations of any\ntype or kind.\n (16) To have and exercise all powers necessary or convenient to effect\nany or all of the purposes for which the corporation is formed.\n (b) No corporation shall do business in New York state under any name,\nother than that appearing in its certificate of incorporation, without\ncompliance with the filing provisions of section one hundred thirty of\nthe general business law governing the conduct of business under an\nassumed name.\n