Each corporation formed under the provisions of this act shall have power:

1. (1) To have succession by its corporate name for the period limited in its certificate.
2. (2) To sue and be sued, complain and defend in any court.
3. (3) To establish and use a common seal and alter the same.
4. (4) To hold, purchase and convey such real and personal property as the purpose of the corporation may require, including stock in subsidiary or allied cooperative corporations within or without the state.
5. (5) To appoint such officers and agents as the business may require, including in every case a president and secretary, and to fix their compensation.
6. (6) To make bylaws not inconsistent with law for the management of its property, the regulation of its business and the transfer of its stock.
7. (7) To exercise all other lawful powers necessary or proper for the exercise of the powers herein conferred.

Laws 1919, HB 114, c. 147, p. 212, § 5.