2023 Colorado Revised Statutes › Title 7 - CORPORATIONS AND ASSOCIATIONS (§§ 7-1-101 — 7-137-301) › CORPORATIONS - CONTINUED (§§ 7-101-101 — 7-137-301) › COLORADO BUSINESS CORPORATIONS (§§ 7-101-101 — 7-117-105) › Article 103 - PURPOSES AND POWERS (§§ 7-103-101 — 7-103-106) › Section 7-103-102 - General powers

(1)
Unless otherwise provided in the articles of incorporation, every 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 business and affairs, including the power:
(a)
To sue and be sued, complain, and defend in its entity name;
(b)
To have a corporate seal, which may be altered at will, and to use such seal, or a facsimile thereof, including a rubber stamp, by impressing or affixing it or by reproducing it in any other manner;
(c)
To make and amend bylaws;
(d)
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;
(e)
To sell, convey, mortgage, pledge, lease, exchange, and otherwise dispose of all or any part of its property;
(f)
To purchase, receive, subscribe for, and otherwise acquire shares and other interests in, 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;
(g)
To make contracts and guarantees, incur liabilities, borrow money, issue notes, bonds, and other obligations (which may be convertible into or include the option to purchase other securities of the corporation), and secure any of its obligations by mortgage or pledge of any of its property, franchises, or income;
(h)
To lend money, invest and reinvest its funds, and receive and hold real and personal property as security for repayment;
(i)
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;
(j)
To conduct its business, locate offices, and exercise the powers granted by articles
101
to
117
of this title within or without this state;
(k)
To elect directors and appoint officers, employees, and agents of the corporation, define their duties, fix their compensation, and lend them money and credit;
(l)
To pay pensions and establish pension plans, pension trusts, profit sharing plans, share bonus plans, share options and rights plans, and benefit or incentive plans for any of its current or former directors, officers, employees, and agents;
(m)
To make donations for the public welfare or for charitable, scientific, or educational purposes;
(n)
To make payments or donations and to do any other act, not inconsistent with law, that furthers the business and affairs of the corporation;
(o)
To indemnify current or former directors, officers, employees, fiduciaries, or agents as provided in article
109
of this title;
(p)
To limit the liability of its directors as provided in section
7-102-102 (2)(d)
;
(q)
To cease its corporate activities and dissolve;
(r)
To impose restrictions on the transfer of its shares; and
(s)
To renounce in its articles of incorporation or by action of its board of directors any specified corporate opportunities or specified classes or categories of corporate opportunities that may be presented to the corporation or one or more of its officers, directors, or shareholders as provided in section
7-102-102 (2)(e)
.
Amended by 2019 Ch. 166, § 30, eff. 7/1/2020.
L. 93: Entire article added, p. 746, § 1, effective 7/1/1994. L. 96: (1)(i) amended, p. 1313, § 10, effective June 1. L. 2000: IP(1) and (1)(a) amended, p. 977, § 52, effective July 1. L. 2003: IP(1) amended, p. 2315, § 223, effective 7/1/2004. L. 2019: (1)(p), (1)(q), and (1)(r) amended and (1)(s) added, (SB 19-086), ch. 1927, p. 1927, § 30, effective 7/1/2020.
Section 72 of chapter 166 (SB 19-086), Session Laws of Colorado 2019, provides that the act changing this section applies to conduct occurring on or after July 1, 2020.