A corporation incorporated under this chapter:

1. (1) has all the rights, powers, and privileges given to corporations by common law;
2. (2) may sue and be sued;

3. (3) may borrow and secure payment of money by:

   1. (A) notes and mortgage; and
   2. (B) bonds or deeds of trust upon the corporation's personal and real property; and

4. (4) may rent, lease, purchase, hold, sell, and convey real and personal property necessary and proper:

   1. (A) to erect buildings; and

   2. (B) for other purposes of a corporation organized under section 1(a) of this chapter.

      [Pre-2008 Recodification Citation: 15-1-2-3.]

As added by P.L.2-2008, SEC.5.