79-17-25 - Powers of association.
§ 79-17-25. Powers of association.
Such incorporated association shall have the power to contract and be contracted with, borrow and lend money, issue notes, bonds and other obligations, and secure the payment of the same by mortgage or otherwise, contract for, own, sell, convey, pledge, mortgage, buy and otherwise have, use, and dispose of property of all kinds not prohibited by law; to promote and carry out the purposes of this chapter, to grow and market the agricultural products of its members, cooperatively in pools and otherwise, and collect for the same, to purchase such products from its members; to advance money upon such products to its members, to act as agent for its members, to process, condition, pack, store, and otherwise safeguard, care for, and make ready for market the agricultural products of its members, to purchase for the distribution to its members, and purchase for and sell to its members, seed, plants, fertilizer, machinery, necessary fuel, implements, livestock, feed, chemicals, foodstuff, materials, supplies, packages, containers, wrapping, labels, tags, and any other products, wares, merchandise, and any and all other commodities necessary or useful in the production, processing, packing, storage, distributing and marketing of agricultural products, and beautifying and making more attractive and comfortable home and farm properties; and in the growing, distributing, transporting and marketing of agricultural products, electric light poles, cross arms, fruit trees, ornamental shrubs and plants, and any and all material, commodities or supplies necessary or useful in the growing, transporting, distributing, marketing, and processing farm products, and in extending, encouraging, and cooperating with the Tennessee Valley Association in the promotion of agricultural pursuits, and in locating, aiding and encouraging manufacturing enterprises, and the improving of agricultural communities and conditions of the state; to erect, buy, own, rent, operate, manage or control all plants, properties, machinery, supplies, materials, commodities and installations necessary or useful in processing, conditioning, packing, manufacturing, storing, shipping, distributing, transporting, marketing and producing such products, and in aiding and encouraging the locating, promoting and supplying of manufacturing enterprises, and for the beautifying and making more comfortable and attractive home and farm properties, and in assisting, extending, and cooperating with the Tennessee Valley Authority in the distribution and sale of electrical supplies of all kinds and character.
Any provision of any law which otherwise would be in conflict with this chapter, or with the powers herein conferred, shall not be construed as applying to the associations herein provided for; and all laws heretofore or hereafter enacted in conflict with any of the provisions hereof shall be construed as not applying to associations of this character, if to construe otherwise would tend to limit, restrict, prohibit, or penalize the associations herein authorized to be organized. Provided, that such interpretation and construction shall be strictly limited to bona fide cooperative associations, and that nothing herein contained is intended nor shall be construed so as to permit any person, firm and/or corporation to engage in any business for the personal profit and gain of said person, firm and/or corporation and not as a strictly cooperative association, and escape liability for taxes or other legal exactions by assuming or claiming the form or guise of a cooperative association.
Any association heretofore or hereafter organized under the provisions of Chapters 17, 19, and 21 of Title 79, Mississippi Code of 1972, is hereby authorized and empowered to organize and operate such branch associations as it may deem necessary or useful in carrying out the purposes of this chapter. Such branch associations shall be located at such places as the directors may deem proper, and shall be under the supervision, control and management of the officers and directors of the parent association; and members of such branch associations may or may not be shareholders, but all members of branch associations shall be entitled to the same benefits and privileges as are permitted and enjoyed by members of the parent association.
In addition to the foregoing, the articles of incorporation of any association incorporated hereunder may contain any provision consistent with law with respect to management, regulation, government, financing, indebtedness, membership, the establishment of voting districts and the election of delegates for representative purposes, the issuance, retirement, and transfer of its stock, if formed with capital stock, or any provisions relative to the way or manner in which it shall operate or with respect to its members, officers or directors and any other provisions relative to its affairs.
The powers herein granted shall be possessed by an association or federation organized hereunder fully and completely, whether specified in the articles of association or not, unless expressly eliminated by the articles of association.
Such incorporated association may render the services mentioned in this section to producers of agricultural products who are not members thereof as well as to members, provided that no such incorporated association shall deal in the agricultural products of nonmembers to an amount greater in value than such as are handled by it for members, and that no such incorporated association shall purchase supplies and equipment for nonmembers in an amount greater in value than such as are purchased for members.
Whenever such incorporated association shall market the products of, purchase supplies or equipment for, or render other services to nonmembers, such nonmember patrons shall be treated on the same basis as members in that the same charges and deductions shall be made against them as against members for like services, and that they shall be entitled to receive patronage dividends and distributions equally with members on account of like services rendered by such association to them during the period of time for which such patronage dividends or distributions are made, but as to nonmembers such patronage dividends and distributions may be paid as a credit toward the purchase of stock or the payment of a membership fee, at the option of such association.
Sources: Codes, 1930, § 4091; 1942, § 4486; Laws, 1928, ch. 295; Laws, 1930, ch. 109; Laws, 1934, ch. 289; Laws, 1964, ch. 259, eff from and after passage (approved March 26, 1964).