What are the major statutory powers of a corporation?
The power to transfer or mortgage all or any part of its assets, lend money, buy and sell securities, contract and borrow, compensate employees, and participate in other ventures (e.g., act as a promoter or partner). A corporation also has all powers necessary or convenient to effect any or all of the purposes for which it is formed. A corporation may also make charitable contributions irrespective of corporate benefit, but political contributions to an organization or candidate are limited to not more than $5,000 per year. A corporation also has power to give guarantees in furtherance of corporate purposes and acquire, hold, and dispose of (but not to vote) its own shares, subject to certain limitations.