§ 55A-3-02. General powers. - North Carolina Statutes

§55A‑3‑02.  General powers.

(a)        Unless its articlesof incorporation or this Chapter provides otherwise, every corporation hasperpetual duration and succession in its corporate name and has the same powersas an individual to do all things necessary or convenient to carry out itsaffairs, including without limitation, power:

(1)        To sue and be sued,complain and defend in its corporate name;

(2)        To have a corporateseal, which may be altered at will, and to use it, or a facsimile of it, byimpressing or affixing it or in any other manner reproducing it;

(3)        To make and amendbylaws not inconsistent with its articles of incorporation or with the laws ofthis State, for regulating and managing the affairs of the corporation;

(4)        To purchase,receive, lease, or otherwise acquire, and own, hold, improve, use, andotherwise deal with, real or personal property, or any legal or equitableinterest in property, wherever located;

(5)        To sell, convey,mortgage, pledge, lease, exchange, and otherwise dispose of all or any part ofits property;

(6)        To 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 orother interests in, or obligations of, any other entity;

(7)        To make contractsand guarantees, incur liabilities, borrow money, issue its notes, bonds, andother obligations, and secure any of its obligations by mortgage or pledge ofany of its property, franchises, or income;

(8)        To lend money,invest and reinvest its funds, and receive and hold real and personal propertyas security for repayment, except as limited by G.S. 55A‑8‑32;

(9)        To be a promoter,partner, member, associate or manager of any partnership, joint venture, trust,or other entity;

(10)      To conduct itsaffairs, locate offices, and exercise the powers granted by this Chapter withinor without this State;

(11)      To elect or appointdirectors, officers, employees, and agents of the corporation, define theirduties, and fix their compensation;

(12)      To pay pensions andestablish pension plans, pension trusts, and other benefit and incentive plansfor any or all of its current or former directors, officers, employees, andagents;

(13)      To make donations forthe public welfare or for charitable, religious, cultural, scientific, oreducational purposes, and to make payments or donations not inconsistent withlaw for other purposes that further the corporate interest;

(14)      To impose dues,assessments, admission and transfer fees upon its members;

(15)      To establishconditions for admission of members, admit members and issue memberships;

(16)      To carry on abusiness;

(17)      To procure insurancefor its benefit on the life or physical or mental ability of any director,officer or employee and, in the case of a charitable or religious corporation,any sponsor, contributor, pledgor, student or former student whose death ordisability might cause financial loss to the corporation, and for thesepurposes the corporation is deemed to have an insurable interest in each suchperson; and to procure insurance for its benefit on the life or physical ormental ability of any other person in whom it has an insurable interest;

(18)      To engage in anylawful activity that will aid governmental policy;

(19)      To do all thingsnecessary or convenient, not inconsistent with law, to further the activitiesand affairs of the corporation.

(b)        It shall not benecessary to set forth in the articles of incorporation any of the powersenumerated in this section. (1955, c. 1230; 1957, c. 783,s. 7; 1969, c. 875, s. 4; 1971, c. 1136, s. 1; 1977, c. 236, s. 1, c. 663;1979, c. 1027; 1985, c. 505; 1985 (Reg. Sess., 1986), c. 801, ss. 8‑14;1993, c. 398, s. 1.)