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30.0204 Corporate existence and powers.

Cite as [A.S.C.A. § 30.0204]

(a) Upon filing of the articles, the persons signing and acknowledging the same, and their associates and successors, shall become a body corporate, with the name stated in the articles, and may sue and be sued.

(b) The corporation may have a corporate seal, alterable at its pleasure, may take by gift, purchase, devise or bequest, real and personal property for purposes appropriate to its creation, and may make bylaws. Notwithstanding the foregoing, any acquisitions of land or any interest therein subject to the restrictions and limitations prescribed by the provisions of 27.1510, 27.1411, and Title 37, and other applicable laws respecting land or interests therein.

(c) Corporations so organized shall exist perpetually unless a shorter period is fixed in the articles, by vote of all the members thereof, or by operation of law.

History: 1962, PL 7-20; 1968, PL 10-64; 1987, PL 20-30 § 1.

Amendments: 1987 Subsection (c) replaced “endure for 50 years” with “exist perpetually”.