Upon the filing of the articles of incorporation as provided in section 491 of this title the persons who have executed and acknowledged the same, and their successors, shall be a body corporate and politic in fact and in law under the name stated in the articles of incorporation, and by such corporate name shall have succession for the period stated in the articles, and in such name may sue and be sued in any court; may take and use a common seal and alter the same at pleasure; may receive gifts and devises; may purchase, hold and convey real and personal property, as the purposes of the corporation may require; may sell and forfeit the interests of members in the corporation for default with respect to any lawful provisions of the bylaws; may enter into any lawful contracts and incur obligations essential to the transaction of its affairs for the purpose for which it was formed; may borrow money and issue notes, bills or evidence of indebtedness; may mortgage its property to secure the same as its bylaws may provide; and, generally, may do all things necessary or proper to carry out the purposes of its creation.