37-101-63 - General powers of corporations.
§ 37-101-63. General powers of corporations.
Each corporation formed under the provisions of Section 37-101-61 shall have the following powers, together with all powers incidental thereto or necessary to the discharge thereof in corporate form: to have succession by its corporate name for the duration of time (which may be in perpetuity) specified in its certificate of incorporation; to sue and be sued and to defend suits against it; to make use of a corporate seal and to alter it at pleasure; to acquire, whether by purchase, construction or gift, facilities for one or more institutions of higher learning and land therefor; to equip, maintain, enlarge or improve such facilities; to lease under such terms and conditions as its board of directors may deem advisable and as shall not conflict with the provisions of Sections 37-101-61 through 37-101-71 to the board of trustees of state institutions of higher learning or to such other entity as may be approved by such board subject to prior approval by said board of each issue of bonds; to issue its bonds for the purpose of defraying the cost of acquiring, constructing, maintaining, enlarging, improving or equipping any of such facilities or land in the manner provided in Section 37-101-65; to secure the payment of such bonds through the pledge of and lien on such revenues or other sources of income, including lease payments, entering into trust agreements, and the making of such covenants as are provided in Section 37-101-101; to refund bonds previously issued; to enter into contracts and agreements or do any act necessary for or incidental to the performance of its duties and the execution of its powers under Sections 37-101-61 through 37-101-71; to accept gifts from any source whatsoever; to appoint and employ such officers and agents, including attorneys, as its business may require; and to provide for such insurance as its board of directors may deem advisable.
Sources: Codes, 1942, § 6724.5-12; Laws, 1968, ch. 271, § 2; Laws, 1984, ch. 391, § 2, eff from and after passage (approved April 18, 1984).