§ 17-8-112 — Corporations; creation and powers generally

Upon making and filing for record articles of incorporation as
herein provided, the person subscribing the same, and his
successor in office by the name or title specified in the
articles, shall thereafter be deemed, and is hereby created, a
body politic and a corporation sole, with continual perpetual
succession, and shall have power to acquire and possess, by
donation, gift, bequest, devise, or purchase, and to hold and
maintain property, real, personal, and mixed, and to grant,
sell, convey, rent, or otherwise dispose of the same as may be
necessary to carry on or promote the objects of the corporation;
and shall have authority to borrow money and to give written
obligations therefor, and to secure the payment thereof by
mortgage or other lien, upon real or personal property, when
necessary to promote said objects.