Section 2-103 - General powers. - Maryland Statutes

§ 2-103. General powers.
 

Unless otherwise provided by law or its charter, a Maryland corporation has the general powers, whether or not they are set forth in its charter, to: 

(1) Have perpetual existence, although existence may be limited to a specified period if the limitation is stated in a charter provision adopted after May 31, 1908; 

(2) Sue, be sued, complain, and defend in all courts; 

(3) Have, use, alter, or abandon a corporate seal; 

(4) Transact its business, carry on its operations, and exercise the powers granted by this article in any state, territory, district, and possession of the United States and in any foreign country; 

(5) Make contracts and guarantees, incur liabilities, and borrow money; 

(6) Sell, lease, exchange, transfer, convey, mortgage, pledge, and otherwise dispose of any or all of its assets; 

(7) Issue bonds, notes, and other obligations and secure them by mortgage or deed of trust of any or all of its assets; 

(8) Acquire by purchase or in any other manner, and take, receive, own, hold, use, employ, improve, and otherwise deal with any interest in real or personal property, wherever located; 

(9) Purchase, take, receive, subscribe for, or otherwise acquire, own, hold, vote, use, employ, sell, mortgage, loan, pledge, or otherwise dispose of and otherwise use and deal in and with stock and other interests in and obligations of other Maryland and foreign corporations, associations, partnerships, and individuals; 

(10) Subject to the limitations provided in this article, acquire any of its own stock, bonds, notes, and other obligations and securities; 

(11) Invest its surplus funds, lend money from time to time in any manner which may be appropriate to enable it to carry on the operations or fulfill the purposes specified in its charter, and take and hold real and personal property as security for the payment of funds so invested or loaned; 

(12) Be a promoter, partner, member, associate, or manager of any partnership, joint venture, trust, or other enterprise; 

(13) Make gifts or contributions in cash, other property, or stock or other securities of the corporation to or for the use of: 

(i) The United States, this State, another state of the United States, a territory, possession, or district of the United States, or any institution, agency, or political subdivision of any of them; and 

(ii) Any governmental or other organization, whether inside or outside the United States, for religious, charitable, scientific, civic, public welfare, literary, or educational purposes; 

(14) Elect its officers and appoint its agents, define their duties, determine their compensation, and adopt and carry into effect employee and officer benefit plans; 

(15) Adopt, alter, and repeal bylaws not inconsistent with law or its charter for the regulation and management of its affairs; 

(16) Exercise generally the powers set forth in its charter and those granted by law; and 

(17) Do every other act not inconsistent with law which is appropriate to promote and attain the purposes set forth in its charter. 
 

[An. Code 1957, art. 23, § 9; 1975, ch. 311, § 2; 1976, ch. 567, § 2; 1977, ch. 690; 1999, ch. 395.]