Indiana Code 15-14-1-3. Corporation powers
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Sec. 3. A corporation incorporated under this chapter:
(2) may sue and be sued;
(1) has all the rights, powers, and privileges given to corporations by common law;
Terms Used In Indiana Code 15-14-1-3
- Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
- 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.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
(3) may borrow and secure payment of money by:
(A) notes and mortgage; and
(B) bonds or deeds of trust upon the corporation’s personal and real property; and
(4) may rent, lease, purchase, hold, sell, and convey real and personal property necessary and proper:
(A) to erect buildings; and
(B) for other purposes of a corporation organized under section 1(a) of this chapter.
[Pre-2008 Recodification Citation: 15-1-2-3.]
As added by P.L.2-2008, SEC.5.