Section 10.15.010. General powers.

Each cooperative may
        (1) have perpetual succession unless a limited period of duration is stated in its articles;
        (2) sue and be sued, complain and defend, in its corporate name;
        (3) adopt a corporate seal and alter it, and use it by having it or a facsimile of it impressed, affixed, or reproduced;
        (4) buy, take, receive, lease, take by gift, devise or bequest, or otherwise acquire, own, hold, improve, use and otherwise deal in, real or personal property, wherever situated;
        (5) sell, convey, mortgage, pledge, lease, exchange, transfer and otherwise dispose of its property and assets;
        (6) buy, 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, 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, or its governmental district or municipality or instrumentality;
        (7) make contracts and incur liabilities, borrow money at the rates of interest the cooperative determines, issue notes, bonds, certificates of indebtedness and other obligations, issue certificates representing equity interests in its assets, and secure its obligations by mortgage or pledge of its property, franchise and income;
        (8) lend money for its corporation purposes, invest and reinvest its funds and take and hold real and personal property as security for the payment of funds loaned or invested;
        (9) conduct business and affairs and have offices and exercise its powers in a state, territory, district or possession of the United States, or in a foreign country;
        (10) elect or appoint officers and agents, and define their duties and fix their compensation;
        (11) make and alter bylaws, consistent with its articles and the laws of the state, for the administration and regulation of its affairs;
        (12) donate for the public welfare or for charitable, scientific or educational purposes;
        (13) indemnify a director, officer or agent or former director, officer or agent, or a person who may have served at its request as a director or officer of another domestic or foreign cooperative of which it is a member, against expenses necessarily incurred in defense of a proceeding in which that person is a party because that person served as a director, officer or agent, but this paragraph does not apply to proceedings in which the director, officer or agent is adjudged liable for negligence or misconduct in the performance of duty, and indemnification under this paragraph is not exclusive of other rights to which the director, officer or agent may have been entitled;
        (14) cease its activities and surrender its franchise;
        (15) have and exercise all powers necessary or convenient to carry out the purposes for which the cooperative is organized.

Notes

History

(Sec. 4 ch 107 SLA 1959)