{"data":{"id":"us-ky/krs-273.171","jurisdiction":"us-ky","citation":"KRS 273.171","heading":"General powers.","body":"Each corporation shall have power:\n(1) To have perpetual succession by its corporate name unless a limited period of\nduration is stated in its articles of incorporation.\n(2) To sue and be sued, complain and defend, in its corporate name.\n(3) To have a corporate seal and alter it at pleasure, pr ovided, however, that the\npresence or absence of a corporate seal on or from a writing shall neither add to nor\ndetract from the legality thereof nor affect its validity in any manner or respect.\n(4) To purchase, take, receive, lease, take by gift, devise or bequest, or otherwise\nacquire, own, hold, improve, use and otherwise deal in and with real or personal\nproperty, or any interest therein, wherever situated.\n(5) To sell, convey, mortgage, pledge, lease, exchange, transfer and otherwise dispose\nof all or any part of its property and assets.\n(6) To lend money to its employees, other than its officers and directors, and otherwise\nassist its employees, officers and directors.\n(7) To purchase, take, receive, subscribe for, or otherwise acquire, own, hold, vote, use,\nemploy, sell, mortgage, lend, pledge, or otherwise dispose of, and otherwise use and\ndeal in and with, shares or other interests in, or obligations of, other domestic or\nforeign corporations, whether for profit or not for profit, associations, part nerships\nor individuals, or direct or indirect obligations of the United States, or of any other\ngovernment, state, territory, governmental district or municipality or of any\ninstrumentality thereof.\n(8) To make contracts and incur liabilities, borrow money at such rates of interest as the\ncorporation may determine, issue its notes, bonds, and other obligations, and secure\nany of its obligations by mortgage or pledge of all or any of its property, franchises\nand income.\n(9) To lend money for its corporate purposes, invest and reinvest its funds, and take and\nhold real and personal property as security for the payment of funds so loaned or\ninvested.\n(10) To conduct its affairs, carry on its operations, and have offices and exercise the\npowers granted by KRS 2 73.161 to 273.390 in any state, territory, district, or\npossession of the United States, or in any foreign country.\n(11) To elect or appoint officers and agents of the corporation, who may be directors or\nmembers, and define their duties and fix their compensation.\n(12) To make and alter bylaws, not inconsistent with its articles of incorporation or with\nthe laws of this state, for the administration and regulation of the affairs of the\ncorporation.\n(13) Unless otherwise provided in the articles of incorporation, to make donations for the\npublic welfare or for charitable, scientific or educational purposes; and in time of\nwar to make donations in aid of war activities.\n(14) To indemnify any director or officer or former director or officer of the corporation,\nor any person who may have served at its request as a director or officer of another\ncorporation in which it owns shares of capital stock or of which it is a creditor,\nagainst expenses actually and reasonably incurred by him in connection with the\ndefense of any action, suit or proceeding, civil or criminal, in which he is made a\nparty by reason of being or having been such director or officer, except in relation to\nmatters as to which he shall be adjudged in such action, suit or proceeding to be\nliable for negligence or misconduct in the performance of duty to the corporation;\nand to make any other indemnification that shall be authorized by the articles of\nincorporation or bylaws, or resolution adopted after notice to the members entitled\nto vote.\n(15) To pay pensions and establish pension plans or pension trusts for any or all of its\ndirectors, officers and employees.\n(16) To cease its corporate activities and surrender its corporate franchise.\n(17) To have and exercise all powers necessary or convenient to effect any or all of the\npurposes for which the corporation is organized.","path":["KRS Chapter 273"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=13607","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:53:23Z","sha256":"ed23ca411df2f6042715ef333da892915564c4824af359f654f11f794d0bebcf","source_id":"us-ky","stale":false,"prev":"us-ky/krs-273.170","next":"us-ky/krs-273.172"},"notice":"GroundRules: Original legal text. Not legal advice."}