{"data":{"id":"us-ky/krs-271b.3-020","jurisdiction":"us-ky","citation":"KRS 271B.3-020","heading":"General powers.","body":"(1) Unless its articles of incorporation provide otherwise, every corporation shall have\nperpetual duration and succession in its corporate name and shall have the same\npowers as an individual to do all things necessary or convenient to carry out its\nbusiness and affairs, including without limitation power to:\n(a) Sue and be sued, complain and defend in its corporate name;\n(b) Have a corporate seal, which may be altered at will, and to use it, or a\nfacsimile of it, by impressing or affixing it or in any other manner reproducing\nit;\n(c) Make and amend bylaws, not inconsistent with its articles of incorporation or\nwith the laws of this state, for managing the business and regulating the affairs\nof the corporation;\n(d) Purchase, receive, lease, or otherwise acquire , and own, hold, improve, use\nand otherwise deal with, real or personal property, or any legal or equitable\ninterest in property, wherever located;\n(e) Sell, convey, mortgage, pledge, lease, exchange, and otherwise dispose of all\nor any part of its property;\n(f) Purchase, receive, subscribe for, or otherwise acquire; own, hold, vote, use,\nsell, mortgage, lend, pledge, or otherwise dispose of; and deal in and with\nshares or other interests in, or obligations of, any other entity;\n(g) Make contracts and guara ntees, incur liabilities, borrow money, issue its\nnotes, bonds, and other obligations (which may be convertible into or include\nthe option to purchase other securities of the corporation), and secure any of\nits obligations by mortgage or pledge of any of i ts property, franchises, or\nincome;\n(h) Lend money, invest and reinvest its funds, and receive and hold real and\npersonal property as security for repayment;\n(i) Be a promoter, partner, member, associate, or manager of any partnership,\njoint venture, trust, or other entity;\n(j) Conduct its business, locate offices, and exercise the powers granted by this\nchapter within or without this state;\n(k) Elect directors and appoint officers, employees and agents of the corporation,\ndefine their duties, fix their compensation, and lend them money and credit;\n(l) Pay pensions and establish pension plans, pension trusts, profit sharing plans,\nshare bonus plans, share option plans, and benefit or incentive plans for any or\nall of its current or former directors, officers, employees, and agents;\n(m) Make donations for the public welfare or for charitable, scientific, or\neducational purposes;\n(n) Transact any lawful business that will aid governmental policy; and\n(o) Make payments or donations, or do any other act, not inconsistent with law,\nthat furthers the business and affairs of the corporation.\n(2) Notwithstanding the provisions of subsection (1)(b) of this section, the presence or\nabsence of a corporate seal on or from a writing shall neither add to nor detract from\nthe legality thereof nor affect its validity in any manner or respect.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=13325","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:53:18Z","sha256":"d686aa6f03010d6d2bece04a2c0d9ae46c4e492498daf2600d6e24042ebefdb4","source_id":"us-ky","stale":false,"prev":"us-ky/krs-271b.3-010","next":"us-ky/krs-271b.3-030"},"notice":"GroundRules: Original legal text. Not legal advice."}