83-31-9 - Corporate powers.
§ 83-31-9. Corporate powers.
The company shall have legal existence from the approval and filing of such articles in the office of the commissioner. The board of directors named in such articles may thereupon adopt bylaws and proceed to transact the business of such company, provided that no insurance shall be put into force until the company has been licensed to transact insurance as provided by this chapter. The company shall have succession for the time limited in its articles of association; may determine the manner of calling and conducting the meetings and the mode of voting by proxy; may elect all necessary officers and prescribe the duties and tenure of officers; may sue and be sued and prosecute and be prosecuted to judgment and satisfaction before any court; may have a corporate seal; may contract and be contracted with within the limits of its corporate powers; may buy, hold and sell real estate and personal property; may borrow money and secure the payment of same by mortgage or otherwise.
Sources: Codes, Hemingway's 1921 Supp. § 5209e; 1930, § 5273; 1942, § 5787; Laws, 1918, ch. 157; Laws, 1993, ch. 309, § 1, eff from and after passage (approved March 4, 1993).