1502 - General powers.

     § 1502.  General powers.        (a)  General rule.--Subject to the limitations and     restrictions imposed by statute or contained in its articles,     every business corporation shall have power:            (1)  To have perpetual succession by its corporate name        unless a limited period of duration is specified in its        articles, subject to the power of the Attorney General under        section 503 (relating to actions to revoke corporate        franchises) and to the power of the General Assembly under        the Constitution of Pennsylvania.            (2)  To sue and be sued, complain and defend and        participate as a party or otherwise in any judicial,        administrative, arbitrative or other proceeding in its        corporate name.            (3)  To have a corporate seal, which may be altered at        pleasure, and to use the seal by causing it or a facsimile        thereof to be impressed or affixed or in any other manner        reproduced.            (4)  To acquire, own and utilize any real or personal        property, or any interest therein, wherever situated.            (5)  To sell, convey, mortgage, pledge, lease, exchange        or otherwise dispose of all or any part of its property and        assets, or any interest therein, wherever situated.            (6)  To guarantee, become surety for, acquire, own and        dispose of obligations, capital stock and other securities.            (7)  To borrow money, issue or incur its obligations and        secure any of its obligations by mortgage on or pledge of or        security interest in all or any part of its property and        assets, wherever situated, franchises or income, or any        interest therein.            (8)  To invest its funds, lend money and take and hold        real and personal property as security for the repayment of        funds so invested or loaned.            (9)  To make contributions and donations.            (10)  To use abbreviations, words, logos or symbols upon        the records of the corporation, and in connection with the        registration of, and inscription of ownership or entitlement        on, certificates evidencing shares in or other securities or        obligations of the corporation, or upon any notice such as        the notice provided by section 1528(f) (relating to        uncertificated shares), and upon checks, proxies, notices and        other instruments and documents relating to the foregoing,        which abbreviations, words, logos or symbols shall have the        same force and effect as though the respective words and        phrases for which they stand were set forth in full for the        purposes of all statutes of this Commonwealth and all other        purposes.            (11)  To be a promoter, partner, member, associate or        manager of any partnership, enterprise or venture or in any        transaction, undertaking or arrangement that the corporation        would have power to conduct itself, whether or not its        participation involves sharing or delegation of control with        or to others.            (12)  To transact any lawful business that the board of        directors finds will aid governmental policy.            (13)  To continue the salaries of such of its employees        as may be serving in the active or reserve armed forces of        the United States, or in the National Guard or in any other        organization established for the protection of the lives and        property of citizens of this Commonwealth or the United        States, during the term of that service or during such part        thereof as the employees, by reason of that service, may be        unable to perform their duties as employees of the        corporation.            (14)  To pay pensions and establish pension plans,        pension trusts, profit sharing plans, share bonus plans,        share option plans, incentive and deferred compensation plans        and other plans or trusts for any or all of its present or        former representatives and, after their death, to grant        allowances or pensions to their dependents or beneficiaries,        whether or not the grant was made during their lifetime.            (15)  To conduct its business, carry on its operations,        have offices and exercise the powers granted by this subpart        or any other provision of law in any jurisdiction within or        without the United States.            (16)  To elect or appoint and remove officers, employees        and agents of the corporation, define their duties, fix their        compensation and the compensation of directors, to lend any        of the foregoing money and credit and to pay bonuses or other        additional compensation to any of the foregoing for past        services.            (17)  To enter into any obligation appropriate for the        transaction of its affairs, including contracts or other        agreements with its shareholders.            (18)  To accept, reject, respond to or take no action in        respect of an actual or proposed acquisition, divestiture,        tender offer, takeover or other fundamental change under        Chapter 19 (relating to fundamental changes) or otherwise.            (19)  To have and exercise all of the powers and means        appropriate to effect the purpose or purposes for which the        corporation is incorporated.            (20)  To have and exercise all other powers enumerated        elsewhere in this subpart or otherwise vested by law in the        corporation.        (b)  Enumeration unnecessary.--It shall not be necessary to     set forth in the articles of the corporation the powers     enumerated in subsection (a).        (c)  Board to exercise.--See section 1721 (relating to board     of directors).        Cross References.  Section 1502 is referred to in sections     1715, 1721, 7521 of this title.