§ 7711. Corporate powers.

466 words·~2 min read·/pa/title-15/chapter-77/7711·

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Each corporation has the following powers:

(1)To exist for the period of time set forth in its articles of incorporation unless sooner dissolved by operation of law or under this chapter.

(2)To maintain and defend judicial proceedings by the name specified in the articles of incorporation.

(3)To adopt and use a common seal and alter the same.

(4)To hold, purchase, lease and transfer real and personal property as necessary or proper to effect the purposes of the corporation.

(5)To elect a board of directors, which has the power to appoint officers, agents and employees as necessary; to prescribe their duties; to require bonds of them; and to dismiss them in accordance with the bylaws.

(6)To make bylaws.

(7)To make contracts and to assist or join with persons to effect the activities authorized by its articles of incorporation and conducive to or expedient for the interest or benefit of the corporation and to exercise powers necessary or proper for the accomplishment of the purposes of the corporation.

(8)To borrow money necessary to the conduct of its operations; to issue notes, bonds and other evidence of indebtedness; and to give security in the form of mortgage or otherwise.

(9)In furtherance of corporation purposes, to make loans or advances to its members and patrons or to subsidiary and affiliated persons or their members and to purchase or acquire, endorse, discount or sell evidence of debt, obligation or security.

(10)To establish and accumulate a collective reserve account, surplus of capital and other funds authorized by the articles of incorporation or the bylaws.

(11)To foster membership in the corporation and to solicit patrons by advertising or by educational or other means.

(12)To issue and to sell common and preferred stock.

(13)To own shares of the capital stock of, to hold membership in and to hold bonds or other obligations of other workers' corporations and to exercise all the rights of ownership, including the right to vote.

(14)To pay pensions and to establish pension plans, pension trusts and other incentive plans for its directors, officers and employees.

(15)To indemnify, under section 7718 (relating to indemnity), a director or officer or former director or officer of the corporation or a person who may have served at its request as a director or officer of another corporation in which it holds membership or owns shares of capital stock or of which it is a creditor.

(16)To make contributions and donations for the public welfare or for religious, charitable, scientific or educational purposes.

(17)To merge or consolidate with other workers' cooperative corporations.

(18)To dissolve and wind up.

(19)To exercise incidental powers as necessary or proper in the conduct of its operations.

15c7712s