PERPETUAL EXISTENCE 

If a corporation has a perpetual existence, the corporation will continue even if shareholders, directors, and
officers come and go. This means the corporation is a safer, more stable place for investors to put their money
and increases the chances that investors will see a return on their money.

EXPRESS POWERS

The corporation may exercise all powers expressly given it by statute and by its articles of incorporation. Section
3.02 of the Revised Model Business Corporation Act (RMBCA) sets out a number of express powers, including the
following: to sue and be sued in the corporate name; to purchase, use, and sell land and dispose of assets to the
same extent a natural person can; to make contracts, borrow money, issue notes and bonds, lend money, invest
funds, make donations to the public welfare, and establish pension plans; and to join in partnerships, joint
ventures, trusts, or other enterprises. The powers set out in this section need not be included in the articles of
incorporation.

IIMPLIED POWERS

Corporate powers that go beyond those explicitly established are implied powers. For example, suppose BCT
Bookstore, Inc’s statement of intent. is simple, "to run a bookstore." The company can legally take all the actions
necessary or appropriate to operate a bookstore — hiring employees, advertising special sales, leasing trucks, and
so on. Can Ted, its vice president and general manager, be allowed to spend the funds to pay for a Sunday
afternoon lecture about the dangers of nuclear war or the adventures of a professional football player? Yes — if
the lectures are related to current books being sold or serve to bring people to the store, they follow the purpose
of the corporation

INCIDENTAL POWERS

Incidental Powers means the powers necessary to carry out business activities that may indirectly or incidentally
benefit or serve the members, mission, or business of the credit union, or the functional equivalent or logical
growth of those activities. which is part of the mission or business of credit unions and involves risks similar
inherent to those assumed as part of the business of credit unions.

CORPORATION  GENERALLY ACTS THROUGH ITS BOARD

A corporation is managed by directors and officers. The directors act as a group known as a board of directors. The
board of directors is the governing body of the corporation. It manages the business and activities of the
corporation and has the authority to exercise all corporate power. Corporations also have officers appointed and
receive their powers from the board. In general, the board of directors is responsible for making key business and
policy decisions and officers are responsible for implementing board policies and for making day-to-day decisions