(1) Unless otherwise provided in the articles of incorporation, every nonprofit corporation has perpetual duration and succession in its domestic entity name and has the same powers as an individual to do all things necessary or convenient to carry out its affairs, including the power:
To sue and be sued, complain, and defend in its name;
To have a corporate seal, which may be altered at will, and to use such seal, or afacsimile thereof, including a rubber stamp, by impressing or affixing it or by reproducing it in any other manner;
To make and amend bylaws;
To purchase, receive, lease, and otherwise acquire, and to own, hold, improve, use,and otherwise deal with, real or personal property or any legal or equitable interest in property, wherever located;
To sell, convey, mortgage, pledge, lease, exchange, and otherwise dispose of all orany part of its property;
To purchase, receive, subscribe for, and otherwise acquire shares and other interestsin, and obligations of, any other entity; and to own, hold, vote, use, sell, mortgage, lend, pledge, and otherwise dispose of, and deal in and with, the same;
To make contracts and guarantees, incur liabilities, borrow money, issue notes, bonds, and other obligations, and secure any of its obligations by mortgage or pledge of any of its property, franchises, or income;
To lend money, invest and reinvest its funds, and receive and hold real and personalproperty as security for repayment; except that a nonprofit corporation may not lend money to or guarantee the obligation of a director or officer of the nonprofit corporation;
To be an agent, an associate, a fiduciary, a manager, a member, a partner, a promoter,or a trustee of, or to hold any similar position with, any entity;
To conduct its activities, locate offices, and exercise the powers granted by articles121 to 137 of this title within or without this state;
To elect or appoint directors, officers, employees, and agents of the nonprofit corporation, define their duties, and fix their compensation;
To pay pensions and establish pension plans, pension trusts, profit sharing plans, andother benefit or incentive plans for any of its current or former directors, officers, employees, and agents;
To make donations for the public welfare or for charitable, religious, scientific, oreducational purposes and for other purposes that further the corporate interest;
To impose dues, assessments, admission, and transfer fees upon its members;
To establish conditions for admission of members, admit members, and issue or transfer memberships;
To carry on a business;
To make payments or donations and to do any other act, not inconsistent with law,that furthers the affairs of the nonprofit corporation;
To indemnify current or former directors, officers, employees, fiduciaries, or agentsas provided in article 129 of this title;
To limit the liability of its directors as provided in section 7-128-402 (1); and(t) To cease its corporate activities and dissolve.
(2) Unless permitted by another statute of this state or otherwise permitted pursuant to section 7-123-101 (5), 7-123-101 (7), or 7-137-201, a nonprofit corporation shall not authorize or issue shares of stock.
Source: L. 97: Entire article added, p. 664, § 3, effective July 1, 1998. L. 2000: IP(1) and (1)(a) amended, p. 983, § 79, effective July 1. L. 2003: IP(1) amended, p. 2337, § 286, effective July 1, 2004. L. 2004: (1)(a) amended, p. 1510, § 294, effective July 1.