Corporation Law of the Republic of Panama
Law 32 of February 26, 1927


Corporate Powers

ARTICLE 19. Every corporation organized in accordance with this law shall have in addition to other powers specified in this law the following powers:

1.To sue and be sued in any court;

2.To adopt and use a corporate seal and alter the same at its convenience;

3.To acquire, purchase, hold, use and convey real and personal property of all kinds and make and accept pledges, leases, mortgages, liens and encumbrances of all kinds;

4.To appoint officers and agents;

5.To make contracts of all kinds;

6.To make by-laws not inconsistent with any existing laws of the Republic or its articles of incorporation, for the management, regulation and government of its affairs and property, the transfer of its stock and the calling and holding of meetings of its stockholders and directors, and for all other lawful matters;

7.To carry on business and to exercise its powers in the Republic and foreign countries;

8.To dissolve itself or to be dissolved in accordance with the law;

9.To borrow money and contract debts in connection with its business or for any lawful purpose; to issue bonds, notes, bills of exchange, debentures and other obligations and evidences of indebtedness (which may or may not be convertible into stock of the corporation) payable at a specified time or times or payable upon the happening of a specified event or events whether secured by mortgage, pledge or otherwise or unsecured for money borrowed or in payment for property purchased or acquired or for any other lawful objects;

10.To guarantee, acquire, purchase, hold, sell, assign, transfer, mortgage, pledge or otherwise dispose of or deal in shares of the capital stock of, or bonds, securities or other evidences of indebtedness created by other corporations, or of any municipality, province, state or government.

11.To do all things necessary for the accomplishment of the objects enumerated in its articles of incorporation or any amendment thereof or necessary or incidental to the protection and benefit of the corporation, and in general to carry on any lawful business whether or not such business is similar in nature to the objects set forth in its articles of incorporation or any amendment thereof.

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