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CHAPTER 42 - CORPORATE SOLE
Article 1 - General Provisions
Sections 10:11901-11908
10-11901. Purposes for which corporation sole may be formed
Corporations may be formed to acquire, hold and dispose of church or religious society property for the benefit of religion, for works of charity and for public worship, and of property of scientific research institutions maintained solely for pure research and without expectation of pecuniary gain or profit, in the manner provided in this article.
10-11902. Requirements for formation
A person vested with the legal title to property of a church or religious society in conformity with its constitution, canons, rites or regulations, and of a scientific research institution maintained solely for pure research and without expectation of pecuniary gain or profit, may make and subscribe to written articles of incorporation, acknowledge them as deeds are required to be acknowledged, file them in the office of the corporation commission and record a duplicate of the articles in the office of the county recorder of each county in which real property of the corporation is situated, together with an impression of the seal which it adopts.
10-11903. Articles of incorporation; amendment
A. The articles of incorporation shall contain:
1. The name of the corporation.
2. The object of the corporation.
3. The estimated value of the property at the time of drawing the articles.
4. The title of the person executing the articles.
B. The corporation may amend its articles. The amendment shall be executed by the same person who executed the original articles, or by his successor in office, and shall be filed and recorded as required for the original articles.
10-11904. Powers of corporation sole
Upon executing and filing for record articles of incorporation as provided in this article, the person subscribing thereto and his successor in office by the name or title specified in the articles, shall thereafter be deemed a corporation sole with perpetual succession, and may acquire and possess, by gift, bequest, devise or purchase, and hold property, sell, rent or otherwise dispose of such property, borrow money and give written security therefor, and secure payment thereof by mortgage or other lien.
10-11905. Execution of instruments
All deeds and other instruments in writing shall be made and signed in the name of the corporation sole in the capacity designated in the articles, and shall be sealed with the seal of the corporation.
10-11906. Succession of title and authority
In the event of the death, resignation or removal of the person who is a corporation sole, his successor in office shall be vested with title to all property held by his predecessor as such corporation sole, with like power and authority over the property, and subject to all the liabilities and obligations with reference thereto. The successor shall file in the office of the corporation commission, and shall record in the office of the county recorder of each county in which any of the real property is situated, a certified copy of the commission, certificate or letter of election or appointment.
10-11907. Succession of title to religious property held by person not incorporated as corporation sole
In case of the death, resignation or removal of a person who, at the time of his death, resignation or removal, was holding the title to property for the use or benefit of any church or religious society not incorporated as a corporation sole, the title to such property held by him shall not revert to the donor, nor vest in the heirs of the deceased person, but shall be deemed to be in abeyance after the death, resignation or removal until his successor is duly appointed to fill the vacancy. Upon appointment of a successor, the title to all property held by his predecessor shall at once, without any other act or deed, vest in the person appointed to fill the vacancy.
10-11908. Officer; director; law applicable to corporation sole
A. The person comprising the corporation sole is the only director and officer for the corporation sole unless the articles or bylaws of the corporation sole contain a contrary designation.
B. Corporations sole that are organized pursuant to this article are subject to chapters 24 through 40 of this title except to the extent this article modifies or differs from the provisions of chapters 24 through 40, in which case this article prevails.
