§ 8508 — Specific powers of associations

Delaware § 8508

• Jurisdiction: Delaware
• Title: 3
• Part: Cooperative Agricultural Associations or Corporations
• Ch. 85: CORPORATION LAW FOR COOPERATIVE AGRICULTURAL ASSOCIATIONS
• Subch.: Formation, Powers, Bylaws and Dissolution

Text

Each association formed under this chapter, by virtue of its existence as such, may:

(1) Have succession for the period limited in its articles of association, and, when no period is limited thereby, exist perpetually, subject to the power of the General Assembly under the Constitution of the State, and unless sooner dissolved by operation of law or under the provisions of this chapter;

(2) Maintain and defend judicial proceedings by the name specified in the articles of association;

(3) Adopt and use a common seal and alter the same at pleasure;

(4) Hold, purchase, and transfer such real and personal property as the purposes of the corporation require;

(5) Elect a board of directors, which may appoint a president, vice-president, secretary, treasurer and other officers, agents and employees as are deemed necessary; prescribe their duties; require bonds of them, and dismiss them and any of them in accordance with this chapter and with the bylaws of the association;

(6) Make bylaws, not inconsistent with the law, for the management of its property, the regulation of its affairs and the conduct and management of the association;

(7) Perform for stockholders and other patrons the services described in the articles of association and authorized by this chapter;

(8) Make contracts necessary in the conduct of its operation and the transaction of its affairs;

(9) Borrow money necessary to the conduct of its operations, and issue notes, bonds and other evidences of indebtedness therefor, and give security in the form of mortgage or otherwise for the payment thereof;

(10) Cooperate with any other association or corporation, whether formed under this chapter or otherwise, for the purpose of promoting the objects for which it was incorporated, or the objects for which any other similar association was formed. Any association may, upon resolution adopted by its board of directors, enter into all necessary and proper stipulations, agreements, contracts, and arrangements with any other cooperative corporation, association or associations, formed under this chapter or otherwise, for the cooperative and more economical carrying on of its business, or any part or parts thereof; or any 2 or more cooperative associations, formed under this chapter or otherwise, may, upon resolutions adopted by their respective boards of directors, for the purpose of more economically carrying on their respective businesses, by agreement between them, unite in employing and using, or several such associations may separately employ and use, the same methods, means and agencies, which agencies may be another such association or associations for carrying on and conducting their respective businesses;

(11) Foster membership in the association and solicit patrons by advertising or by educational or other lawful means;

(12) Exercise such incidental powers as are necessary in the conduct of its operations;

(13) Issue and sell its preferred and common stock, but no person shall become the owner of more than 5 percent of the outstanding common stock of the association;

(14) Purchase and hold stock of corporations engaged in the buying or selling of agricultural products as defined in this chapter, when such purchase and holding is in keeping with the purposes for which the association was formed.

Legislative History

41 Del. Laws, c. 132, § 5 ; 3 Del. C. 1953, § 8508