79-21-61 - Powers.
§ 79-21-61. Powers.
Each and every association organized hereunder shall have the following powers:
(a) To engage in any activity in connection with the catching, growing, breeding, handling, shipping, or utilization, or moving or marketing of the byproducts thereof of aquatic products of every description, and with the marketing or selling of aquatic products of its members, or with the catching, harvesting, preserving, drying, processing, manufacturing, canning, packing, grading, storing, handling, shipping, or utilization of any aquatic product produced or delivered to it by its members; or the manufacturing or marketing of the byproducts thereof; or in connection with the purchase, hiring, or use by its members of supplies, machinery or equipment; or in the financing of any such activities; or in any one or more of the activities specified in this section. No association shall handle the aquatic products of any nonmember except as necessary and incidental to the handling of the aquatic products of members, and in any such case the value of aquatic products of nonmembers so handled shall not exceed the value of the aquatic products handled by the association for its members.
(b) To borrow money and to make advances to members.
(c) To act as the agent or representative of any member or members in any of the above-mentioned activities.
(d) To establish reserves and to invest the funds thereof in bonds or such other property as may be provided in the bylaws. However, if the association shall decide to invest any of said funds in bonds, then, in such event, at least fifty percent (50%) of such bond investment must be in bonds issued by the State of Mississippi or one or more of its counties, districts, municipalities or subdivisions.
(e) To purchase or otherwise acquire, and to hold, own and exercise all rights of ownership in and to sell, transfer or pledge or guarantee the payment of dividends or interest on, or the retirement or redemption of shares of the capital stock or bonds of any corporation or association engaged in any related activity, or in the warehousing or handling or marketing of any of the aquatic products handled by the association.
(f) To buy, hold and exercise all privileges of ownership over such real or personal property as may be necessary or convenient for the conducting and operation of any of the business of the association or incidental thereto.
(g) Obtain possession of personal property to the immediate possession of which they may be entitled by the action of replevin.
(h) To sue and be sued, and to prosecute and be prosecuted to judgment and suit before any court; and to contract and be contracted with in all matters.
(i) To do each and everything necessary, suitable or proper for the accomplishment of any one (1) of the purposes or the attainment of any one or more of the objects herein enumerated or conducive to or expedient for the interest or benefit of the association or its members; and in addition to exercise and possess all powers, rights and privileges necessary or incidental to the purposes for which the association is organized or to the activities in which it is engaged; and to do any such thing anywhere.
Sources: Laws, 1974, ch. 438, § 6, eff from and after passage (approved March 26, 1974).