Section 10.40.070. Corporate powers.

A corporation organized under this chapter may
        (1) acquire by donation, gift, bequest, devise, or purchase, and hold and maintain real and personal property, and grant, sell, convey, or otherwise dispose of property as may be necessary to carry on or promote the objects of the corporation, but not for the purpose of obtaining revenue or profits from the property;
        (2) borrow money and give written obligations for repayment, and give mortgages or other liens upon real or personal property to secure payment of written obligations, when necessary to promote the objects of the corporation;
        (3) enter into contracts;
        (4) sue and be sued;
        (5) adopt and use a common seal by which all deeds and acts of the corporation may be authenticated.

Notes

History

(Sec. 36-4-15, 36-4-16 ACLA 1949; Sec. 1 ch 98 SLA 1968)