General Powers

General Powers. Unless the articles of incorporation provide otherwise, every corporation has perpetual duration and succession in its corporate name and has the same powers as an individual to do all things necessary or convenient to carry out its business and affairs, including, without limitation, power: (a) To sue and be sued, complain and defend in its corporate name; (b) To have a corporate seal, which may be altered at will, and to use it or a facsimile of it, by impressing or affixing it or in any other manner reproducing it; (c) To make and amend bylaws, not inconsistent with its articles of incorporation or with the laws of the Commonwealth, for managing the business and regulating the affairs of the corporation; (d) To purchase, receive, lease, or otherwise acquire, and own, hold, improve, use, and otherwise deal with, real or personal property, wherever located, except as restricted by N.M.I. Const. art. XII; (e) To sell, convey, mortgage, pledge, lease, exchange, and otherwise dispose of all or any part of its property; (f) 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 interest in, or obligations of, any other entity; (g) To make contract and guarantees, incur liabilities, borrow money, issue its notes, bonds, and other obligations (which may be convertible into or include the option to purchase other securities of the corporation), and secure any of its obligations by mortgage or pledge of any of its property, franchises, or income; (h) To lend money, invest and reinvest its funds, and receive and hold real and personal property as security for repayment except as restricted by N.M.I. Const. art. XII; (i) To be a promoter, partner member associate, or manager of any partnership, joint venture, trust, or other entity; (j) To conduct its business, locate offices, and exercise the power granted by this part within or without the Commonwealth; (k) To elect directors and appoint officers, employees, and agents of the corporation, define their duties, fix their compensation, and lend them money and credit; (l) 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 or former directors, officers, employees, and agents; (m) To make donations for the public welfare or for charitable, scientific, or educational purposes; (n) To transact any lawful business that will aid governmental policy; and (o) To make payments or donations, or do any other act, not inconsistent with law, that furthers the business and affairs of the corporation. Source: PL 10-7, § 1 (Bus. Corp. Reg. § 3.02), modified.