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General powers - 15 Pa. Cons. Stat. § 1502

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     § 1502.  General powers.
        (a)  General rule.--Subject to the limitations and
     restrictions imposed by statute or contained in its articles,
     every business corporation shall have power:
            (1)  To have perpetual succession by its corporate name
        unless a limited period of duration is specified in its
        articles, subject to the power of the Attorney General under
        section 503 (relating to actions to revoke corporate
        franchises) and to the power of the General Assembly under
        the Constitution of Pennsylvania.
            (2)  To sue and be sued, complain and defend and
        participate as a party or otherwise in any judicial,
        administrative, arbitrative or other proceeding in its
        corporate name.
            (3)  To have a corporate seal, which may be altered at
        pleasure, and to use the seal by causing it or a facsimile
        thereof to be impressed or affixed or in any other manner
        reproduced.
            (4)  To acquire, own and utilize any real or personal
        property, or any interest therein, wherever situated.
            (5)  To sell, convey, mortgage, pledge, lease, exchange
        or otherwise dispose of all or any part of its property and
        assets, or any interest therein, wherever situated.
            (6)  To guarantee, become surety for, acquire, own and
        dispose of obligations, capital stock and other securities.
            (7)  To borrow money, issue or incur its obligations and
        secure any of its obligations by mortgage on or pledge of or
        security interest in all or any part of its property and
        assets, wherever situated, franchises or income, or any
        interest therein.
            (8)  To invest its funds, lend money and take and hold
        real and personal property as security for the repayment of
        funds so invested or loaned.
            (9)  To make contributions and donations.
            (10)  To use abbreviations, words, logos or symbols upon
        the records of the corporation, and in connection with the
        registration of, and inscription of ownership or entitlement
        on, certificates evidencing shares in or other securities or
        obligations of the corporation, or upon any notice such as
        the notice provided by section 1528(f) (relating to
        uncertificated shares), and upon checks, proxies, notices and
        other instruments and documents relating to the foregoing,
        which abbreviations, words, logos or symbols shall have the
        same force and effect as though the respective words and
        phrases for which they stand were set forth in full for the
        purposes of all statutes of this Commonwealth and all other
        purposes.
            (11)  To be a promoter, partner, member, associate or
        manager of any partnership, enterprise or venture or in any
        transaction, undertaking or arrangement that the corporation
        would have power to conduct itself, whether or not its
        participation involves sharing or delegation of control with
        or to others.
            (12)  To transact any lawful business that the board of
        directors finds will aid governmental policy.
            (13)  To continue the salaries of such of its employees
        as may be serving in the active or reserve armed forces of
        the United States, or in the National Guard or in any other
        organization established for the protection of the lives and
        property of citizens of this Commonwealth or the United
        States, during the term of that service or during such part
        thereof as the employees, by reason of that service, may be
        unable to perform their duties as employees of the
        corporation.
            (14)  To pay pensions and establish pension plans,
        pension trusts, profit sharing plans, share bonus plans,
        share option plans, incentive and deferred compensation plans
        and other plans or trusts for any or all of its present or
        former representatives and, after their death, to grant
        allowances or pensions to their dependents or beneficiaries,
        whether or not the grant was made during their lifetime.
            (15)  To conduct its business, carry on its operations,
        have offices and exercise the powers granted by this subpart
        or any other provision of law in any jurisdiction within or
        without the United States.
            (16)  To elect or appoint and remove officers, employees
        and agents of the corporation, define their duties, fix their
        compensation and the compensation of directors, to lend any
        of the foregoing money and credit and to pay bonuses or other
        additional compensation to any of the foregoing for past
        services.
            (17)  To enter into any obligation appropriate for the
        transaction of its affairs, including contracts or other
        agreements with its shareholders.
            (18)  To accept, reject, respond to or take no action in
        respect of an actual or proposed acquisition, divestiture,
        tender offer, takeover or other fundamental change under
        Chapter 19 (relating to fundamental changes) or otherwise.
            (19)  To have and exercise all of the powers and means
        appropriate to effect the purpose or purposes for which the
        corporation is incorporated.
            (20)  To have and exercise all other powers enumerated
        elsewhere in this subpart or otherwise vested by law in the
        corporation.
        (b)  Enumeration unnecessary.--It shall not be necessary to
     set forth in the articles of the corporation the powers
     enumerated in subsection (a).
        (c)  Board to exercise.--See section 1721 (relating to board
     of directors).

        Cross References.  Section 1502 is referred to in sections
     1715, 1721, 7521 of this title.

Last modified: November 27, 2007