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30.0130 Corporate powers.

Cite as [A.S.C.A. § 30.0130]

Every corporation organized under this chapter has power to:

(1) have perpetual succession unless a limited period of duration is stated in the articles of in-corporation;

(2) sue and be sued by its corporate name;

(3) have a common seal, which it may alter at its pleasure;

(4) render the interests of the stockholders transferable;

(5) exempt the private property of its members from liability for corporate debts, except as otherwise declared;

(6) make contracts and to acquire and transfer property as provided in 30.0131, possessing the same powers in such respects as natural persons:

(7) establish bylaws and make all rules and regulations necessary for the management of its affairs.

History: 1962, PL 7-20.

Case Notes:

Even implied tenancy is precluded when a corporation is involved. Kaleopa v. Nia-Maria & Co., Inc., ASR (1978).