This is not a substitute for legal advice.  An attorney must be consulted.

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What are General Powers?

Corporations may be organized for any lawful purpose;  however, the Articles of Incorporation may limit the actual purpose of the corporation.  If a corporation engages in a business that is subject to regulation under another statute of the state, the corporation may be allowed under Chapter 490 only if such organization is permitted by and subject to the limitations of any other regulatory statute.  Unless the Articles of Incorporation provide otherwise, a corporation will not have perpetual duration and succession to its corporate name.  So long as the Annual Reports are filed with the Secretary of State, corporations have the same power as an individual to conduct business and affairs in the state, in conjunction with the following:

            1).  Sue and be sued, as well as complain and defend in a corporate name;

            2).  Have a corporate seal which may be altered at will;

            3).  Make or amend Bylaws, not inconsistent with its own Articles of Incorporation or the laws of the state, for  
                  managing the business and regulating the affairs of the corporation;

            4).  Purchase, receive, lease, or otherwise acquire and own, hold, approve, use and otherwise deal with real or 
                  personal property, or any legal or equitable interest in property, wherever located;

            5).  Sell, convey, mortgage, pledge, lease, exchange or otherwise dispose of any or all of its property;

            6).  Purchase, receive, subscribe for, or otherwise acquire, own, hold, vote, use, sell, mortgage, lend, pledge, or 
                  otherwise dispose of; and deal in and with, shares or other interests in, or obligations of, any other entity;

            7).  Make contracts and guarantees, incur liability, borrow money, issue notes, bonds, and other obligations 
                  which may be convertible into, or include the option to purchase, other securities of the corporation and 
                  secure any of its obligations by mortgage, or pledge any of its property, franchises, or income;

            8).  Lend money, invest and reinvest its funds, and receive and hold real and personal property as security for 

            9).  Be a promoter, partner, member, associate or manager of any partnership, joint venture, trust or other 

            10). Conduct its business, locate offices and exercise the powers granted by Chapter 490, within or outside of 
                   the state;

            11). Elect directors and appoint officers, employees and agents of the corporation, define their duties, fix their 
                   compensation and lend them money and credit; 

            12). Pay pensions and establish pension plans, pension trusts, profit sharing plans, share bonus plans, share 
                   options, and benefit or incentive plans for any or all of its current or former directors, officers, employees 
                   and agents ;

            13).  Make donations for the public welfare or for charitable, scientific or educational purposes;

            14). Transact any lawful business that will aid governmental policy;

            15).  Make payments or donations or do any other act not inconsistent with law that furthers the business and 
                    affairs of the corporation.


Copyright © 1994 - 2014 by LAWCHEK, LTD.

This is not a substitute for legal advice. An attorney must be consulted.