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B. Corporate Powers
It is customary for a Corporation to issue non recorded General Powers of Attorney I. The corporations are allowed by virtue of the law and of its Articles of Association to be involved in all type of trade, including opening Bank accounts, own or lease real estate, purchase any kind of goods and manage stock in the International market, to act on maritime or air commercial activities and any other lawful acts not prohibited by the Law in Panama and in any other part of the world. II. Exception to the above, Law Decree No. 9 of 1998, Law No. 1 of 1984, and Law No. 55 of December 20th, 1984 the corporations cannot exercise within in Panama the activities of a Bank, Trust or Insurance or use the mentioned terms as part of the name of the Corporation, unless a written authorization issued by the National Banking Superintendence or Insurance Superintendence of Panama.
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