§ 7-7-6 - General powers of associations.
SECTION 7-7-6
§ 7-7-6 General powers of associations.– Each association incorporated under this chapter has power and authority to:
(1) Have perpetual succession in its corporate name unless aperiod for its duration is limited in its articles of association.
(2) Sue and be sued in its corporate name.
(3) Have and use a common seal and alter the seal at pleasure.
(4) Elect any officers and appoint any agents that itsbusiness requires and to fix their compensation and define their duties.
(5) Issue shares of capital stock or certificates ofmembership to its members, and to transfer, retire, or cancel them, asauthorized by law, or by the articles of association or bylaws adopted inconformity with law.
(6) Buy, lease, or hold any real or personal propertynecessary or convenient for the conduct and operation of the business orincidental to it.
(7) Enter into contracts with its members for periods notover ten (10) years requiring them to sell or market all or a specified part oftheir products to or through the association.
(8) Employ any lawful means or methods for financing itstransactions or operations.
(9) Borrow money and to make advance payments and otheradvances to members.
(10) Act as agent or representative of any member or membersin carrying out the objects of the association.
(11) Receive and employ warehouse receipts or other writteninstruments covering products of members stored on farms or elsewhere undersuitable conditions issued or executed by any warehouseman, warehousingassociation, or other entity, which products may or may not have been inspectedby inspectors licensed or authorized to inspect, sample, classify, grade, orweigh agricultural products under state or federal laws and which warehousereceipts or other written instruments may or may not be accompanied by thecertificate or certificates issued by the inspectors on the products.
(12) Form or become a member or stockholder of othernonprofit associations of producers, and to admit to membership or to sellstock to, other nonprofit associations of producers.
(13) Adopt bylaws consistent with law providing for anymatter or thing relative to the control, operation, maintenance, management,regulation, government, financing, indebtedness, the establishment of votingdistricts, and the election of delegates for representative purposes,membership, the termination of it, stock (if formed with capital stock), itsissuance, retirement, purchase, or transfer, or with respect to members,directors, or officers and any other bylaws pertaining to its affairs.
(14) Do everything necessary, suitable, or proper for theaccomplishment of any one or more of the purposes, or the attainment of any oneor more of the objects enumerated in these provisions, or the objects orpurposes for which formed, and to contract and act accordingly.