State Codes and Statutes

Statutes > Utah > Title-16 > Chapter-10a > 16-10a-302

16-10a-302. General powers.
Unless its articles of incorporation provide otherwise, and except as restricted by the UtahConstitution, every corporation has perpetual duration and succession in its corporate name andhas the same powers as an individual to do all things necessary or convenient to carry out itspermitted business purposes, activities, and affairs, including without limitation the power:
(1) to sue and be sued, complain and defend in its corporate name;
(2) to have a corporate seal, which may be altered at will, and to use it, or a facsimile ofit, by impressing or affixing it or in any other manner reproducing it;
(3) to make and amend bylaws, not inconsistent with its articles of incorporation or withthe laws of this state, for managing the business and regulating 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 equitable interest in property,wherever located;
(5) to sell, convey, mortgage, pledge, lease, exchange, and otherwise dispose of all orany part of its property and assets;
(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 or other interests in,or obligations of, any other entity;
(7) to make contracts and guarantees, incur liabilities, borrow money, issue its notes,bonds, and other obligations that may or may not be convertible into or include the option topurchase other securities of the corporation, and secure any of its obligations by mortgage orpledge of any of its property, assets, franchises, or income;
(8) to lend money, invest and reinvest its funds, and receive and hold real and personalproperty as security for repayment;
(9) to be a promoter, partner, member, associate, or manager of any partnership, jointventure, trust, or other entity;
(10) to conduct its business, locate offices, and exercise the powers granted by thischapter within or without this state;
(11) to elect directors and appoint officers, employees, and agents of the corporation,define their duties, fix their compensation, and lend them money and credit;
(12) to pay pensions and establish pension plans, pension trusts, profit sharing plans,share bonus plans, share option plans, and benefit or incentive plans for any or all of its current orformer directors, officers, employees, and agents;
(13) to make donations for the public welfare or for charitable, scientific, or educationalpurposes;
(14) to transact any lawful business that will aid governmental policy;
(15) to make payments or donations, or do any other act, not inconsistent with law, thatfurthers the business and affairs of the corporation; and
(16) to establish rules governing the conduct of the business and affairs of the corporationin the event of an emergency.

Enacted by Chapter 277, 1992 General Session