2009 Iowa Code
Title 12 - Business Entities
Subtitle 2 - Business and Professional Corporations and Companies
CHAPTER 490 - BUSINESS CORPORATIONS
490.302 - GENERAL POWERS.

        490.302  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 do all of the following:
         1.  Sue and be sued, complain, and defend in its corporate name.
         2.  Have a corporate seal, which may be altered at will, and use
      it, or a facsimile of it, by impressing or affixing it or in any
      other manner reproducing it.
         3.  Make and amend bylaws, not inconsistent with its articles of
      incorporation or with the laws of this state, for managing the
      business and regulating the affairs of the corporation.
         4.  Purchase, receive, lease, or otherwise acquire, and own, hold,
      improve, use, and otherwise deal with, real or personal property, or
      any legal or equitable interest in property, wherever located.
         5.  Sell, convey, mortgage, pledge, lease, exchange, and otherwise
      dispose of all or any part of its property.
         6.  Purchase, receive, subscribe for, or otherwise acquire, own,
      hold, vote, use, sell, mortgage, lend, pledge, or otherwise dispose
      of, and deal in and with shares or other interests in, or obligations
      of, any other entity.
         7.  Make contracts and guarantees, incur liabilities, borrow
      money, issue its 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.
         8.  Lend money, invest and reinvest its funds, and receive and
      hold real and personal property as security for repayment.
         9.  Be a promoter, partner, member, associate, or manager of any
      partnership, joint venture, trust, or other entity.
         10.  Conduct its business, locate offices, and exercise the powers
      granted by this chapter within or without this state.
         11.  Elect directors and appoint officers, employees, and agents
      of the corporation, define their duties, fix their compensation, and
      lend them money and credit.
         12.  Pay pensions and establish pension plans, pension trusts,
      profit sharing plans, share bonus plans, share option plans, and
      benefit or incentive plans for any or all of its current or former
      directors, officers, employees, and agents.
         13.  Make donations for the public welfare or for charitable,
      scientific, or educational purposes.
         14.  Transact any lawful business that will aid governmental
      policy.
         15.  Make payments or donations, or do any other act, not
      inconsistent with law, that furthers the business and affairs of the
      corporation.  

         89 Acts, ch 288, §26