Section 293-A:3.01 Purposes.
(a) Every corporation incorporated under this chapter has the purpose of engaging in any lawful business unless a more limited purpose is set forth in the articles of incorporation.
(b) Notwithstanding the provisions of subsection (a), a corporation may not be organized under this chapter for the purpose of carrying on the business of banking, the construction and maintenance of railroads, the business of making contracts for the payment of money at a fixed date or upon the happening of some contingency, or the business of a trust, surety, indemnity or safe deposit company; provided, however, that if the commissioner of the department of transportation enters an order finding that it shall be in the public good and subject to such terms and conditions as he may prescribe in the public interest, a corporation may be formed pursuant to the provisions of this chapter to acquire, maintain and operate any existing line or railroad or street railway within this state.
Source. 1992, 255:1, eff. Jan. 1, 1993.