§301. Corporate purposes 1. Purpose of engaging in lawful business. A corporation subject to this Act has the purpose of engaging in any lawful business unless a more limited purpose is set forth in the articles of incorporation. [PL 2003, c. 344, Pt. B, §44 (AMD).] 2. Subject to other regulation by this State. […]
§302. General powers Unless its articles of incorporation provide otherwise, a corporation has perpetual duration and succession in its corporate name and has the same powers as an individual to do all things necessary or convenient to carry out its business and affairs, including, without limitation, power to: [PL 2001, c. 640, Pt. A, […]
§303. Emergency powers 1. Emergency defined. For the purposes of this section, an emergency exists if a quorum of the corporation’s directors can not readily be assembled because of some catastrophic event. [PL 2001, c. 640, Pt. A, §2 (NEW); PL 2001, c. 640, Pt. B, §7 (AFF).] 2. Authorized powers in event of […]
§304. Ultra vires 1. Corporate action not subject to challenge. Except as provided in subsection 2, the validity of corporate action may not be challenged on the ground that the corporation lacks or lacked power to act. [PL 2001, c. 640, Pt. A, §2 (NEW); PL 2001, c. 640, Pt. B, §7 (AFF).] 2. […]
