56-231.23 - General powers granted.
§ 56-231.23. General powers granted.
Each cooperative formed under this article shall have power to do any and alllawful acts or things including, but not limited to the power:
1. To produce, generate, gather, store, transport, transmit, distribute, buyand sell energy and energy-related products.
2. To sue and be sued.
3. To have a seal and alter the same at pleasure.
4. To acquire, hold and dispose of property, real and personal, tangible andintangible, or interests therein and to pay therefor in cash or property oron credit, and to secure and procure payment of all or any part of thepurchase price thereof on such terms and conditions as the board shalldetermine.
5. To render service and to acquire, own, operate, maintain and improve asystem or systems.
6. To accept gifts or grants of money or of property, real or personal, fromany person, municipality or federal agency and to accept voluntary oruncompensated services.
7. To sell, lease, mortgage or otherwise encumber or dispose of all or anyparts of its property, as hereinafter provided.
8. To contract debts, borrow money and to issue or assume the payment ofbonds, and other obligations.
9. To fix, maintain and collect reasonable fees, rents, tolls and othercharges for service rendered.
10. To exercise, with respect to its providing regulated utility service, allthe powers set forth in § 56-49, including the power of eminent domain asprescribed for other public service corporations by general law.
11. To assist its members and nonmember customers, by loans or otherwise, inthe acquisition by them of such installation and wiring, and the obtaining ofsuch machinery, equipment and appliances, as will enable them to secure thegreatest benefit from the use of utility services supplied by the cooperative.
12. To issue nonassessable nonvoting common and preferred capital stock orsimilar securities and pay dividends thereon.
13. To become a member or stockholder in one or more other cooperatives orcorporations created to engage in any business not prohibited by law,including, but not limited to, other types of public service company business.
14. To perform any and all of the foregoing acts and do any and all of theforegoing things under, through or by means of its own officers, agents andemployees, or by contracts with any person, federal agency or municipality.
(1999, c. 874; 2000, cc. 944, 999.)