Upon filing by the county clerk of a copy of the Articles of Association, transmitted to him by the Secretary of State, as prescribed in Section 4 of this act, the association shall have power within the limitations of this act:

1. (a) To adopt and use a common seal and to alter it at pleasure.
2. (b) To have succession for the term prescribed in its Articles of Association, unless sooner dissolved by operation of law or under the provisions of this act.
3. (c) To perform for members services prescribed in its Articles of Association, and to exercise with respect to such services, all of the rights and powers herein given.
4. (d) To make contracts necessary in the conduct of its operations.
5. (e) To purchase, lease or receive by gift, bequest, or devise and to hold personal and real property necessary in the conduct of its operations and to dispose of same; and to process, prepare for market, handle, pledge, hypothecate, mortgage, market or sell any and all such products mentioned in Sections 2 and 3 of this act, or to acquire title thereto and to process, manufacture, can, pick, store, ship, prepare for market, handle, pledge, hypothecate, mortgage, market or sell the same and the action of the association in pledging, hypothecating, mortgaging, encumbering, marketing, or selling any such products, shall be conclusive on any and all members of the association.
6. (f) To borrow money necessary in the conduct of its operations, to issue notes and bonds therefor, and to give security in the form of mortgage or otherwise for the payment thereof; and to borrow money without limitation upon the products, which it is authorized to pledge, hypothecate, mortgage, market or sell as aforesaid, and to secure same by such products in such manner and form as may be satisfactory to the lenders.
7. (g) To sue and be sued by the name specified in its Articles of Association, as fully as natural persons.
8. (h) To adopt and alter or amend, when necessary, bylaws, regulating its conduct and management.
9. (i) To elect a board of directors, which shall have power to appoint a president, vice president, secretary and treasurer, and other officers and agents and employees deemed necessary, to prescribe their duties not inconsistent with the bylaws, to require bonds of them and fix the penalty therefor, and to dismiss at pleasure any agent or employee.
10. (j) To enter into all necessary and proper contracts and agreements and make all necessary and proper stipulations, agreements and contracts and arrangements with any other cooperative association or associations, formed in this or in any other state, for the cooperative and more economical carrying on of its business or any part or parts thereof. Any two or more associations may, by agreement between them, unite in employing and using or may separately employ and use the same personnel, methods, means and agencies for carrying on and conducting their respective businesses.
11. (k) To admit new members and to foster membership in the association by advertising or by education, or other lawful means.
12. (l) To establish, secure, own and develop patents, trademarks and copyrights.
13. (m) To establish reserves and to invest the funds thereof in bonds or in such other property as may be provided in the bylaws.
14. (n) The bylaws may fix the method, time and manner of permitting members to withdraw; the manner of assignment and transfer of the interest of members, the conditions upon which and time when membership of any member shall cease; the automatic suspension of the rights of a member when he ceases to be eligible to membership in the association; and the mode, manner and effect of the expulsion of a member; the manner of determining the value of a member's interest and provisions for its purchase by the association upon the death or withdrawal of a member or stockholder, or upon the expulsion of a member or forfeiture of his membership, or, at the option of the association, the purchase at a price fixed by conclusive appraisal by the board of directors. In case of the withdrawal or expulsion of a member, the board of directors shall equitably and conclusively appraise his property, interests in the association and shall fix amount thereof, in money, which shall be paid to him within one (1) year after such expulsion or withdrawal.

15. (o) To organize for operation, own, control, have interest in, own stock of, or be a member of any other corporation or corporations with or without capital stock and engaged in preserving, drying, processing, canning, picking, storing, handling, shipping, utilizing or manufacturing the agricultural or horticultural product handled by the association or the byproducts thereof.

    If such corporations are warehousing corporations, they may issue legal warehouse receipts to the association against the commodities delivered by it, or to any other person and such legal warehouse receipts shall be considered as adequate collateral to the extent of the usual and current value of the commodity represented thereby. In case such warehouse is licensed or licensed and bonded under the laws of this or any other state or the United States, its warehouse receipt delivered to the association or commodities of the association or its members, or delivered by the association or its members, shall not be challenged or discriminated against because of ownership or control, wholly or in part, by the association.

16. (p) To do each and everything necessary, suitable or proper for the accomplishment of any one of the purposes or the attainment of any one or more of the subjects enumerated in this act, or conductive to or expedient for the interest or benefit of the association; and to contract accordingly; and in addition to exercise and possess all powers, rights and privileges necessary or incidental to the purpose 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 ordinary corporations, except such as are inconsistent with the express provisions of this act; and to do any such thing anywhere.

Laws 1917, c. 22, p. 64, § 6; Laws 1923, c. 181, p. 311, § 6.