2014 Oklahoma Statutes
Title 2. Agriculture
§2-17-6. General powers.

Each association incorporated pursuant to the Cooperative Marketing Association Act shall have the power to:

1. Act as an agency for or subsidiary of or to assist cooperative associations formed pursuant to the Cooperative Marketing Association Act or similar acts in any of the activities authorized in Section 17-5 of this title and to act as a holding corporation of the properties of the associations;

2. Make all necessary and proper contracts and agreements with any other association formed in this or any other state, or in connection with any other association in this or any other state, or unite in employing and using, or separately to employ and use the same methods, means, and agencies which may be used by another association for carrying on and conducting the respective businesses of the associations;

3. Act as the agent or representative of any member or members in any lawful activity;

4. Make loans or advances to members or producer patrons or to the members of an association which is itself a member;

5. Accept any kind, form, or type of obligation or security, therefore to purchase, endorse, discount, or sell any note, draft, bill of exchange, debenture, bill of sale, mortgage, or other obligations acquired by it, the proceeds of which have been advanced or used in the first instance for any of the purposes provided for in the Cooperative Marketing Association Act; discount for or purchase from any association, organized under the laws of any state with or without its endorsement, any note, draft, bill of exchange, debenture, bill of sale, mortgage, or other obligation the proceeds of which are advanced or used in the first instance for carrying on any cooperative activity authorized pursuant to the Cooperative Marketing Association Act and to dispose of same with or without endorsement. An association organized pursuant to the Cooperative Marketing Association Act and exercising any of the powers provided in this paragraph shall not engage in the business of banking;

6. Establish and accumulate reserves including a permanent surplus fund as an addition to capital; invest the reserves either directly or by means of subsidiary or affiliated associations or other corporations in real estate or other property for carrying out the purpose of the association, provided no real property investments shall be made except for the purpose of leasing or acquiring title to real property necessary for use in the conduct of the primary business of the association, or the reserves may be deposited or invested in securities as the bylaws may provide;

7. Purchase or acquire, hold, own, and exercise all rights of ownership in, and to sell, transfer, pledge or guarantee the payment of dividends or interest on, or the retirement or redemption of, shares of capital stock, bonds, or other obligations of any corporation or association, engaged in any directly or indirectly related activity, or in the production, warehousing, handling, or marketing of any of the products handled by the association;

8. Buy, hold, and exercise all privileges of ownership over real or personal property, as may be necessary or convenient for the conduct and operation of any of the business of the association, or incidental thereto;

9. Borrow money from any source without limitation as to amount of corporate indebtedness or liability, with authority to give any form of obligation or security therefor;

10. Establish and secure, own and develop patents, trademarks, and copyrights;

11. Deal in products, handle machinery, equipment, or supplies, or perform services for or on behalf of nonmembers to an amount not greater in value during any fiscal year than are dealt in, handled, or performed by it for, or on behalf of its members during the same period;

12. 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 and authorized by the Cooperative Marketing Association Act, or conducive to or expedient for the interest or benefit of the association, and to contract accordingly; and

13. Exercise and possess all powers, rights, and privileges necessary or incidental to the purposes for which the association is organized, or the activities in which it is engaged; and any other rights, powers, and privileges granted by the laws of this state to ordinary business corporations, except as are inconsistent with the express provisions of the Cooperative Marketing Association Act.

Added by Laws 1937, p. 261, § 6. Amended by Laws 2001, c. 38, § 6, eff. Nov. 1, 2001. Renumbered from § 361e of this title by Laws 2001, c. 38, § 26, eff. Nov. 1, 2001.