15-4-509. Corporate powers.

Arkansas Code — all titles (historical 2020) · legal_authorities

15-4-509. Corporate powers.

15-4-509. Corporate powers. Each corporation organized under this act shall have power: (1) To sue and be sued, complain, and defend in its corporate name; (2) To have perpetual succession, unless a limited period of duration is stated in its articles of incorporation; (3) To adopt a corporate seal, which may be altered at pleasure, and to use it, or a facsimile thereof as required by law; (4) To encourage and promote the economic, agricultural, and industrial development of its city, town, or county; (5) To purchase, receive, lease as lessee or in any other manner acquire, own, hold, maintain, sell, exchange, and use any and all real and personal property, or any interest therein; (6) In the manner hereinafter provided, to borrow money and otherwise contract indebtedness, to issue its bonds or other obligations therefor, and to secure the payment thereof by mortgage, pledge, or a deed of trust of all or any part of its property, assets, revenues, or income; (7) To sell and convey, mortgage, pledge, lease as lessor, and otherwise dispose of all or any part of its property and assets; (8) To accept gifts or grants of money, service, or property, real or personal; (9) To make any and all contracts necessary or convenient for the exercise of the powers granted in this act; (10) To conduct its business and have officers within or without the state; (11) To elect or appoint officers, agents, and employees of the corporation and to define their duties and fix their compensation; (12) To make and alter bylaws not inconsistent with the articles of incorporation or with the laws of this state for the administration and regulation of the affairs of the corporation; and (13) To do and perform any and all acts and things and to have and exercise any and a

Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-4-509

Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.