17-1605.   Powers of association.Each association incorporated under this act shall have the following powers:

      (a)   To engage in any activity in connection with the marketing, selling,harvesting, threshing, milling, preserving, drying, processing, canning,packing, storing, handling or utilization of any agricultural productsproduced or delivered to the association by the association's members;manufacturing or marketing of the agricultural by-products, or in connectionwith the purchase, hiring, or use by the association's members or other patronsof supplies, machinery, or equipment; agricultural education, research,legislation and economic and social conditions; improvement of livestock breedsby means of artificial breeding or otherwise; or financing of any suchactivities; or in any one or more of the activities specified in this section.

      (b)   To function as a general farm organization and to levy and collectdues from the association's members.

      (c)   To borrow money without limitation as to amount of corporateindebtedness or liability; and to make advances to members.

      (d)   To act as the agent or representative of any member or members inany of the above-stated activities.

      (e)   To purchase or otherwise acquire; and to hold, own, and exercise allrights of ownership in, and to sell, transfer or pledge or guarantee thepayment of dividends or interest on, or the retirement or redemption ofshares of the capital stock or bonds.

      (f)   To become a member, of any corporation or association engaged in anylawful activity.

      (g)   To establish reserves and to invest the funds thereof in physicalfacilities, stock of subsidiary corporations or bonds or in such other propertyas may be provided in the bylaws.

      (h)   To buy, hold, and exercise all privileges of ownership over such realand personal property as may be necessary or convenient for the conduct andoperation of any of the business of the association or incidental thereto.

      (i)   To do each and everything necessary, suitable, or proper for theaccomplishment of any one of the purposes or the attainment of any one or moreof the subjects herein enumerated; or conducive to or expedient for theinterest or benefit of the association; and to contract accordingly. Theassociation may exercise and possess all powers, rights, and privileges grantedby the laws of this state to ordinary corporations, except such as areinconsistent with the express provisions of this act.

      History:   L. 1921, ch. 148, § 5; R.S. 1923, 17-1605; L. 1931, ch. 150,§ 3; L. 1953, ch. 129, § 3; L. 1992, ch. 227, § 5; July 1.