Corporate Purpose. The corporate purpose may, but need not, be specified in the Articles of Incorporation. Unless the Articles of Incorporation limits the purpose of the corporation, the corporation will be authorized to engage in any lawful business. Some businesses are regulated by specific state agencies and require prior approval from those agencies before a corporation is formed. For example, banks, savings and loan associations, credit unions, other financial institutions, and insurance companies must be approved by the Department of Banking, Insurance, Securities, and Health Care Administration before a new corporation is formed. Railroad companies must be approved by the Transportation Board, and utility companies by the Public Service Board.