Statute Text
General
powers.
Each
cooperative shall have power:
(1) To have
perpetual succession unless a limited period of duration is stated in its articles.
(2) To sue and be
sued, complain and defend, in its corporate name.
(3) To have a
corporate seal which may be altered at pleasure, and to use the seal by causing
it, or a facsimile thereof, to be impressed or affixed or in any other manner
reproduced.
(4) To purchase,
take, receive, lease, take by gift, devise or bequest, or otherwise acquire,
own, hold, improve, use and otherwise deal in and with, real or personal
property, or any interest therein, wherever situated.
(5) To sell,
convey, mortgage, pledge, lease, exchange, transfer and otherwise dispose of,
all or any part of its property and assets.
(6) To purchase,
take, receive, subscribe for, or otherwise acquire, own, hold, vote, use,
employ, sell, mortgage, lend, pledge, or otherwise dispose of, and otherwise
use and deal in and with, shares or other interests in, or obligations of,
other domestic or foreign cooperatives and corporations, partnerships or
individuals, or direct or indirect obligations of the United States or of any
other government, state, territory, governmental district or municipality or of
any instrumentality thereof.
(7) To make
contracts and incur liabilities, borrow money at such rates of interest as the
cooperative may determine, issue its notes, bonds, certificates of indebtedness
and other obligations, issue certificates representing equity interests in its
assets, and secure any of its obligations by mortgage or pledge of all or any
of its property, franchises and income.
(8) To lend money
for its corporate purposes, invest and reinvest its funds and take and hold
real and personal property as security for the payment of funds so loaned or
invested.
(9) To conduct
its business and affairs and have offices and exercise its powers in any state,
territory, district or possession of the United States, or in any foreign
country.
(10) To elect or
appoint officers and agents, and define their duties and fix their
compensation.
(11) To make and
alter bylaws, consistent with its articles and the laws of this state, for the
administration and regulation of its affairs.
(12) To make
donations for the public welfare or for charitable, scientific or educational
purposes.
(13) To cease its
activities and surrender its franchise.
(14) To have and
exercise all powers necessary or convenient to effect any or all of the
purposes for which the cooperative is organized. [1957 c.716 §4; 1981 c.542 §1]