Section 371.130

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 371

Effective - 28 Aug 1961   

  371.130.  Powers of corporation. — Each corporation organized under this chapter 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 and to use it, or a facsimile thereof, as required by law;

  (4)  To borrow money and otherwise incur indebtedness for any of the purposes of the corporation; to issue its bonds, debentures, notes or other evidences of indebtedness, whether secured or unsecured, therefor; and to secure the same by mortgage, pledge, deed of trust or other lien on its property, franchises, rights and privileges of every kind and nature or any part thereof;

  (5)  To lend money to, and to guarantee, endorse, or act as surety on the bonds, notes, contracts or other obligations of, or otherwise assist financially any person, firm, corporation or association, and to establish and regulate the terms and conditions with respect to any such loans or financial assistance and the charges for interest and service connected therewith;

  (6)  To purchase, receive, hold, lease, or otherwise acquire, and to sell, convey, mortgage, lease, pledge, or otherwise dispose of, upon such terms and conditions as the board of directors may deem advisable, real and personal property, together with such rights and privileges as may be incidental and appurtenant thereto and the use thereof, including, but not restricted to, any real or personal property acquired by the corporation from time to time in the satisfaction of debts or enforcement of obligations;

  (7)  To acquire the goodwill, business, rights, real and personal property and other assets, or any part thereof, of such persons, firms, corporations, joint stock companies, associations or trusts as may be in furtherance of the corporate purposes provided herein, and to assume, undertake, guarantee or pay the obligations, debts and liabilities of any such person, firm, corporation, joint stock company, association or trust; to acquire improved or unimproved real estate for the purpose of constructing industrial plants or other business establishments thereon or for the purpose of disposing of such real estate to others for the construction of industrial plants or other business establishments, and, in furtherance of the corporate purposes provided herein, to acquire, construct or reconstruct, alter, repair, maintain, operate, sell, lease or otherwise dispose of industrial plants or business establishments;

  (8)  To acquire, subscribe for, own, hold, sell, assign, transfer, mortgage, pledge or otherwise dispose of the stock, shares, bonds, debentures, notes or other securities and evidences of interest in, or indebtedness of, any person, firm, corporation, joint stock company, association or trust, and, while the owner or holder thereof, to exercise all the rights, powers and privileges of ownership, including the right to vote thereon;

  (9)  To cooperate with and avail itself of the facilities of the division of commerce and industrial development and similar governmental agencies; and to cooperate with and assist, and otherwise encourage, local organizations in the several communities of the state, the purpose of which shall be the promotion, assistance and development of the business prosperity and economic welfare of such communities and of this state;

  (10)  To make any and all contracts necessary or convenient for the exercise of the powers granted by this chapter;

  (11)  To elect or appoint officers, agents and employees of the corporation and to define their duties and fix their compensation;

  (12)  To conduct its business within or without the state;

  (13)  To accept gifts or grants of money, service or property, real or personal;

  (14)  To do and perform any and all acts and things and to have and exercise any and all powers as may be necessary or appropriate to effect the purpose for which the corporation is organized.

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(L. 1961 p. 157 § 11)