All corporations formed under this article shall have and exercise these powers:

(1) To have perpetual succession by its corporate name;
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Terms Used In Alabama Code 10A-20-3.02

  • Contract: A legal written agreement that becomes binding when signed.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • property: includes both real and personal property. See Alabama Code 1-1-1
(2) To take and grant property, to contract obligations, and to sue and be sued by its corporate name;
(3) To buy lands and other property, to receive grants of privileges and immunities, and hold the same for the benefit of its members and their successors;
(4) To receive gifts and grants in trust for the advancement of the religion or faith with which the corporation affiliates and education, and to execute the trusts;
(5) To lend any fund belonging to the corporation, or held by it in trust, and take security therefor, in bond with sureties, in pledges of personalty or in mortgages of property;
(6) To have a corporate seal;
(7) To make bylaws for the government of the corporation in conformity with the general laws and usage of that branch of the Christian church or of any other religious faith or denomination with which it affiliates;
(8) To prescribe the number and qualifications of its members and expel the same for cause; and
(9) To appoint and remove its officers and require bonds of its officers or agents, as it may deem proper.
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