Delaware Code Title 27 Sec. 302 – Powers
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The managers elected shall, upon the recording of the certificate, become a body corporate by the name adopted and certified. The corporation shall have succession for 20 years, may sue and be sued and may purchase, receive, hold and enjoy property, real and personal, for the use and objects of the association and may ordain bylaws for the regulation of its affairs not inconsistent with the laws of this State or of the United States. Such corporation shall hold no real estate except such as is actually occupied and used for the purposes specified in the certificate of incorporation.
13 Del. Laws, c. 419, § ?2; Code 1915, § ?2187; Code 1935, § ?2494; 27 Del. C. 1953, § ?302;
Terms Used In Delaware Code Title 27 Sec. 302
- 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.
- State: means the State of Delaware; and when applied to different parts of the United States, it includes the District of Columbia and the several territories and possessions of the United States. See Delaware Code Title 1 Sec. 302
- United States: includes its territories and possessions and the District of Columbia. See Delaware Code Title 1 Sec. 302