State Codes and Statutes
Statutes > Vermont > Title-11 > Chapter-7 > 994
§ 994. Powers
Each association incorporated under this subchapter shall have the following powers:
(1) In the case of a marketing cooperative, the power to engage in any activity in connection with the purchasing, marketing, selling, preserving, harvesting, drying, processing, manufacturing, canning, packing, grading, storing, handling, or utilization of any agricultural or handcraft products or the manufacturing or marketing of the byproducts thereof, any activity in connection with the purchase, hiring or use by its members of supplies, machinery or equipment, and in financing any of the aforementioned activities. However, a marketing association shall not handle agricultural or handcraft products of nonmembers to an extent greater in value than the products of its own members which it handles. In the case of a consumers' cooperative, the power to engage in any one or more lawful mode or modes of acquiring, producing, building, operating, manufacturing, furnishing, exchanging or distributing any type of property, commodities, goods or services for the primary and mutual benefit of the patrons of the association, or their patrons, if any, as ultimate consumers. In the case of a railroad cooperative, to engage in any activity in connection with the organization, acquisition and operation of a subsidiary transportation business, whether by means of railroad, truck, water carrier, air or other. Such a corporation formed under this subchapter shall have any other rights, powers and privileges granted by the laws of this state to corporations in a like business organized under the general laws of this state.
(2) To have perpetual succession in its corporate name unless incorporated or formed for a limited term, or dissolved as provided by law;
(3) To borrow money without limitations as to amount of corporate indebtedness or liability;
(4) To make advance payments, and advances to members;
(5) To act as the agent or representative of any member or members in any of the above mentioned activities;
(6) To acquire, to exercise all rights of ownership or control in and to sell, transfer or pledge, or guarantee the payment of dividends or interest on, or the retirement or redemption of, shares of the capital stock or bonds of any corporation or association engaged in any related activity or in the warehousing, handling, marketing, sale or distribution of any of the products, property, commodities or goods handled by the association;
(7) To establish reserves and invest the funds thereof in bonds or in such other property as may be provided in the bylaws;
(8) To buy, hold and exercise all privileges of ownership over such real or personal property as may be necessary or convenient for the conduct and operation of any of the business of the association, or business incidental thereto;
(9) To establish, secure, own and develop patents, trademarks, trade names and copyrights;
(10) To do everything necessary, suitable or proper for the accomplishment of any of the purposes or the attainment of any of the objects herein enumerated, or conducive to or expedient for the interest or benefit of the association, and to contract accordingly; to exercise and possess all powers, rights and privileges necessary or incidental to the purposes for which the association is organized or to the activities in which it is engaged, and, in addition, any other rights, powers and privileges granted by the laws of this state to corporations organized under the general laws of this state, except such as are inconsistent with the express provisions of this subchapter; and to do any such thing anywhere. (Amended 1973, No. 90, § 2.)
