Oklahoma § 36-2106 - Corporate powers granted; general powers and duties

§ 36-2106. Corporate powers granted; general powers and duties

Every corporation organized under the provisions of this act

may, in its corporate name, sue and be sued; and shall have power to

make contracts of insurance, indemnity or suretyship with any

person, government or governmental agency, state or political

subdivision thereof, public or private corporation, board,

association, firm, estate, trustee or fiduciary in this state or

elsewhere; to prescribe the qualifications and the manner and form

of the admission or withdrawal of members; to have and use a common

seal which may be changed or altered at pleasure; to be capable in

its corporate name, or in the name of trustee chosen by the board of

directors, to take, purchase, lease, hold and dispose of real or

personal property for carrying into effect the purpose of the

corporation; to make all necessary rules and regulations concerning

the hazards incurred, the premium rates to be used, and adjustment

and payment of losses; to fix the compensation of its directors and

officers and require bond for the faithful performance of their

duties; to exercise all such other powers as may be necessary to

effect the object of such corporation, subject to the restrictions

herein provided; to make or amend bylaws not inconsistent with law

or the provisions of the articles of association, which bylaws shall

fix the date and place of the annual meeting of members, shall

designate the number of directors, which shall be not less than

five, define the duties of the officers and fix the term of office

of the directors and officers of such company, and make all further

necessary provisions concerning the conduct of its business or

affairs.

Oklahoma Statutes - Title 36. Insurance

Laws 1957, p. 304, § 2106.