Section 27-8-1-2 - Corporate status and powers A corporation, association, or society organized under the provisions of this chapter shall be a body corporate and politic by the name stated in certificate of organization, and by that name, they and their successors:
(1) may have succession, and shall be persons in law capable of suing and being sued;(2) may have power to make and enforce contracts in relation to the legitimate business of their corporation, association or society;(3) may have and use a common seal, and may change or alter the same at pleasure, and they or their successors in their corporate name shall in law be capable of taking, purchasing, holding, and disposing of real and personal estate for purposes of their association or society; and(4) may make bylaws not inconsistent with the constitution and law of this state or the United States, in which bylaws shall be defined the manner and form of electing directors and officers of the corporation, association, or society, and the qualifications and duties of the same, and also the qualifications and privileges of members thereof.(Formerly: Acts 1883, c.136, s.2.) As amended by P.L. 252-1985, SEC.269.