Corporate Powers Enumerated

Every corporation has the power:

(a)Of succession of its corporate name for the period of time limited in the articles of incorporation and not exceeding the time prescribed by law;

(b)To sue and be sued in any court;

(c)To transact the business for which it was lawfully organized, and to exercise such powers and to perform such acts as may be reasonably necessary to accomplish the purpose for which the corporation was formed; COL021307 CH. 4 CORPORATE POWERS

(d)To make and use a common seal and to alter the same at pleasure;

(e)To purchase, hold, convey, sell, lease, let, mortgage, encumber, and otherwise deal with such real and personal property as the purpose for which the corporation was formed may permit, and the transaction of lawful business of the corporation may reasonably and necessarily require, unless otherwise prescribedin this Part: Provided, that no corporation shall be authorized to conduct the business of buying and selling real estate or be permitted to hold or own real estate except such as may be reasonably necessary to enable it to carry out the purposes for which it was created, and every corporation authorized to engage in agriculture shall be restricted to the ownership and control of not to exceed one hundred twenty-four

(124)hectares of land; and it shall be unlawful for any member of a corporation engaged in agriculture and for any corporation organized for any purpose except irrigation to be in any wise interested in any other corporation engaged in agriculture. Corporations, however, may loan funds upon real estate security and purchase real estate when necessary for the collection of loans, but they shall dispose of real estate so obtained within five

(5)years after receiving the title;

(f)To appoint and dismiss such subordinate officers or agents as the business or welfare of the corporation may demand, and to allow such subordinate officers and agents suitable compensation;

(g)To make bylaws, not inconsistent with any existing law, for the fixing or changing of the number of its officers and directors within the limits prescribed by law, and for transferring of its stock, the administration of its corporate affairs, the management of its business, and the care, control, and disposition of its property;

(h)To admit members of the corporation; if it be a stock corporation, to issue stock to stockholders and to sell stock or shares of stockholders for the payment of any indebtedness of the stockholders to the corporation;

(i)To enter into any obligation or contract essential to the proper administration of its corporate affairs or necessary for the proper COL021307 CH. 4 CORPORATE POWERS transaction of the business or accomplishment of the purpose for which the corporation was organized.