§ 54-151. Powers.
Article21.
Powers, Duties, andLiabilities.
§ 54‑151. Powers.
Each association incorporatedunder this Subchapter shall have the following powers:
(1) To engage in anyactivity in connection with the producing, marketing, selling, harvesting,preserving, drying, processing, canning, packing, storing, handling, orutilization of any agricultural products produced or delivered to it by itsmembers and other farmers; or the manufacturing or marketing of the by‑productsthereof; or in connection with the purchase, hiring, or use by its members ofsupplies, 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 suchassociation, during any fiscal year thereof, shall deal in or handle products,machinery, equipment, supplies, and/or perform services for and on behalf ofnonmembers to an amount greater in value than such as are dealt in, handled,and/or performed by it for and on behalf of members during the same period.
(2) To borrow money andto make advances to members and other farmers who deliver agricultural productsto the association.
(3) To act as the agentor representative of any member or members in any of the above‑mentionedactivities.
(4) To purchase orotherwise acquire, and to hold, own, and exercise all rights or ownership in,and to sell, transfer, or pledge shares of the capital stock or bonds of anycorporation or association engaged in any related activity or in the handlingor marketing of any of the products handled by the association, or engaged inthe financing of the association.
(5) To establishreserves and to invest the funds thereof in bonds or such other property as maybe provided in the bylaws.
(6) To buy, hold, andexercise all privileges of ownership, over such real or personal property asmay be necessary or convenient for the conducting and operation of any of thebusiness of the association, or incidental thereto.
(7) To do each andeverything necessary, suitable, or proper for the accomplishment of any one ofthe purposes or the attainment of any one or more of the objects hereinenumerated; or conducive to or expedient for the interest or benefit of theassociation; and to contract accordingly; and in addition, to exercise andpossess all powers, rights, and privileges necessary or incidental to thepurposes for which the association is organized or to the activities in whichit is engaged; and in addition, any other rights and powers, and privilegesgranted by the laws of this State to ordinary corporations, except such as areinconsistent with the express provisions of this Subchapter; and to do any suchthing anywhere. (1921, c. 87, s. 6; C.S., s. 5259(x); 1933, c. 350,ss. 3, 4; 1935, c. 230, ss. 7‑9.)