56-497 - Issue of obligations.

§ 56-497. Issue of obligations.

A cooperative shall have the power and is hereby authorized, from time totime, to issue its obligations in anticipation of its revenues for anycorporate purpose. Such obligations may be authorized by resolution of theboard, and may bear such date or dates, mature at such time or times, notexceeding fifty years from their respective dates, bear such interest, bepayable at such times, be in such denominations, be in such form, eithercoupon or registered, carry such registration privileges, be executed in suchmanner, be payable in such medium of payment, at such place or places, and besubject to such terms of redemption, not exceeding par and accrued interest,as such resolution may provide. Such obligations may be sold in such mannerand upon such terms as the board may determine at not less than par andaccrued interest. Pending the preparation or execution of definitive bonds,or obligations, interim receipts or certificates or temporary bonds may bedelivered to purchasers of such obligations.

(1950, p. 593; 1956, c. 434; 1979, c. 129.)