{"data":{"id":"us-ok/okla.-stat.-tit.-18-18-1016","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 18, § 18-1016","heading":"Specific powers","body":"SPECIFIC POWERS\n\nEvery corporation created pursuant to the provisions of the\n\nOklahoma General Corporation Act shall have power to:\n\n1. Have perpetual succession by its corporate name, unless a\n\nlimited period of duration is stated in its certificate of\n\nincorporation;\n\n2. Sue and be sued in all courts and participate, as a party or\n\notherwise, in any judicial, administrative, arbitrative or other\n\nproceeding, in its corporate name;\n\n3. Have a corporate seal, which may be altered at pleasure, and\n\nuse the same by causing it, or a facsimile thereof, to be impressed\n\nor affixed or in any other manner reproduced;\n\n4. Purchase, receive, take by grant, gift, devise, bequest or\n\notherwise, lease or otherwise acquire, own, hold, improve, employ,\n\nuse and otherwise deal in and with real or personal property, or any\n\ninterest therein, wherever situated and to sell, convey, lease,\n\nexchange, transfer or otherwise dispose of, or mortgage or pledge,\n\nall or any of its property and assets, or any interest therein,\n\nwherever situated, subject to the limitations prescribed by Section\n\n2 of Article XXII of the Oklahoma Constitution and Section 1020 of\n\nthis title;\n\n5. Appoint or elect such officers and agents as the business of\n\nthe corporation requires and to pay or otherwise provide for them\n\nsuitable compensation;\n\n6. Adopt, amend and repeal bylaws;\n\n7. Wind up and dissolve itself in the manner provided for in\n\nthis act;\n\n8. Conduct its business, carry on its operations, and have\n\noffices and exercise its powers within or without this state;\n\n9. Make donations for the public welfare or for charitable,\n\nscientific or educational purposes, and in time of war or other\n\nnational emergency in aid thereof;\n\n10. Be an incorporator, promoter or manager of other\n\ncorporations of any type or kind;\n\n11. Participate with others in any corporation, partnership,\n\nlimited partnership, joint venture or other association of any kind,\n\nor in any transaction, undertaking or arrangement which the\n\nparticipating corporation would have power to conduct by itself,\n\nwhether or not such participation involves sharing or delegation of\n\ncontrol with or to others;\n\n12. Transact any lawful business which the corporation's board\n\nof directors shall find to be in aid of governmental authority;\n\n13. Make contracts, including contracts of guaranty and\n\nsuretyship, incur liabilities, borrow money at such rates of\n\ninterest as the corporation may determine, issue its notes, bonds\n\nand other obligations, and secure any of its obligations by\n\nmortgage, pledge or other encumbrance of all or any of its property,\n\nfranchises and income, and make contracts of guaranty and suretyship\n\nwhich are necessary or convenient to the conduct, promotion or\n\nattainment of the business of:\n\na. a corporation, all of the outstanding stock of which\n\nis owned, directly or indirectly, by the contracting\n\ncorporation,\n\nb. a corporation which owns, directly or indirectly, all\n\nof the outstanding stock of the contracting\n\ncorporation, or\n\nc. a corporation, all of the outstanding stock of which\n\nis owned, directly or indirectly, by a corporation\n\nwhich owns, directly or indirectly, all of the\n\noutstanding stock of the contracting corporation,\n\nwhich contracts of guaranty and suretyship shall be\n\ndeemed to be necessary or convenient to the conduct,\n\npromotion or attainment of the business of the\n\ncontracting corporation, and to make other contracts\n\nof guaranty and suretyship which are necessary or\n\nconvenient to the conduct, promotion or attainment of\n\nthe business of the contracting corporation;\n\n14. Lend money for its corporate purposes, invest and reinvest\n\nits funds, and take, hold and deal with real and personal property\n\nas security for the payment of funds so loaned or invested;\n\n15. Pay pensions and establish and carry out pension, profit\n\nsharing, stock option, stock purchase, stock bonus, retirement,\nonduct, promotion or attainment of\n\nthe business of the contracting corporation;\n\n14. Lend money for its corporate purposes, invest and reinvest\n\nits funds, and take, hold and deal with real and personal property\n\nas security for the payment of funds so loaned or invested;\n\n15. Pay pensions and establish and carry out pension, profit\n\nsharing, stock option, stock purchase, stock bonus, retirement,\n\nbenefit, incentive and compensation plans, trusts and provisions for\n\nany or all of its directors, officers, and employees, and for any or\n\nall of the directors, officers, and employees of its subsidiaries;\n\n16. Provide insurance for its benefit on the life of any of its\n\ndirectors, officers, or employees, or on the life of any shareholder\n\nfor the purpose of acquiring at his death shares of its stock owned\n\nby such shareholder; and\n\n17. Renounce in its certificate of incorporation or by action\n\nof its board of directors any interest or expectancy of the\n\ncorporation in, or in being offered an opportunity to participate\n\nin, specified business opportunities or specified classes or\n\ncategories of business opportunities that are presented to the\n\ncorporation or one or more of its officers, directors or\n\nshareholders.","path":["OK Code","Title 18"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os18.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"b77b7f22aa2f1cecf1d496c9631156d5bc8330abfdfa668d9b0175019cf2c55b","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-18-18-1015","next":"us-ok/okla.-stat.-tit.-18-18-1016.1"},"notice":"GroundRules: Original legal text. Not legal advice."}