(a) An insurance corporation formed under §§ 23-69-101 -- 23-69-103, 23-69-105 -- 23-69-141, 23-69-143, and 23-69-149 -- 23-69-156, or existing on January 1, 1960, and of a type which might be formed under §§ 23-69-101 -- 23-69-103, 23-69-105 -- 23-69-141, 23-69-143, and 23-69-149 -- 23-69-156, shall have the same capacity to act possessed by individuals, but with authority to perform only such lawful acts as are necessary or proper to accomplish its purposes.

(b) Without affecting the authority contained in subsection (a) of this section, every insurance corporation formed under §§ 23-69-101 -- 23-69-103, 23-69-105 -- 23-69-141, 23-69-143, and 23-69-149 -- 23-69-156 shall have the following corporate powers:

(1) To have succession by its corporate name for the period stated in its articles;

(2) To sue and be sued in a corporate name;

(3) To adopt, use, and alter a corporate seal, which shall show the year of incorporation;

(4) To acquire, hold, sell, use, dispose of, pledge, or mortgage any such property as its purpose may require, subject to any limitation prescribed by law or the articles of incorporation;

(5) To transact insurance;

(6) To conduct its affairs through its directors, officers, employees, agents, and representatives thereunto authorized;

(7) To make bylaws not inconsistent with law for the exercise of its corporate powers; for the management, regulation, and government of its affairs and property, including, but not limited to, transfer of its stock and calling and holding of meetings of its directors, stockholders, or members; and to modify or amend the bylaws;

(8) To exercise, subject to law and the express provisions of the articles of incorporation, all such incidental and subsidiary powers as may be necessary or convenient to the attainment of the objectives set forth in the articles; and

(9) To dissolve and wind up, or be dissolved and wound up, in the manner provided by law.

(c) An insurer shall have power to make donations for the public welfare or for charitable, scientific, or educational purposes, subject to such limitations, if any, as may be contained in its articles of incorporation or any amendment thereto.