TYPES OF POWERS Flashcards
To purchase, receive , take or grant, hold, convey, sell, lease, pledge, mortgage and deal with real and personal property, securities and bonds.
Express
For stock corporations, to issue and sell stocks to subscribers dild tredsur stoc, for monsoek coroordton, to damk wembers To enter into merger or consolidation
Express
_____ powers refer to the powers expressly provided, enumerated and granted by the Corporation Code or special law to a corporation
Express
To enter into merger or consolidation
Express powers
To establish pension, retirement, and other plans for the benefit of its directors, trustees, officers and employees
Express powers
To sue and be sued
Express powers
To make reasonable donations for public welfare, hospital, charitable, cultural, scientific, civic or similar purposes
Express powers
Right of succession
Express powers
To adopt and use of corporate seal To amend its articles of incorporation
Express powers
To adopt its by-laws
Express powers
To enter into a partnership, goint venture, merger, consolidation, or any other commercial agreement with natural and juridical
In case of domestic corporation to give donations in aid of any political party or candidate or for purposes of partisan political activity. However, no foreign corporation shall give donations in aid of any political party or candidate or for purposes of partisan political activity.
Express powers
____ or necessary powers are those inferred from or reasonably necessary for the exercise of the provided powers of the Corporation. They flow from the nature of the underlying business enterprise.
Implied
To issue checks or promissory note or bill of exchange or mercantile documents
Implied or necessary powers
To establish a local post office in case of a mining company
Implied or necessary powers
To operate power plant in case of a cement factory company
Implied or necessary powers
To sell, supply or manage advertising materials in case of an advertising company
Implied or necessary powers
____ or inherent powers are powers that attached to a corporation at the moment of its creation without regard to its expressed powers or particular primary purpose and may be said to necessarily arise from its being a juridical person engaged in business. They flow from the nature of the corporation as a juridical person.
Incidental
a. Right of succession
Incidental or inherent powers
b. Right to have corporate name
Incidental or inherent powers
c. Right to make by-laws for its governance
Incidental or inherent powers
d. Right to sue and be sued
Incidental or inherent powers
e. Right to acquire and hold properties for the purposes authorized by the charter
Incidental or inherent powers
