§ 46-39-140 — Powers of association.

The association provided for in this chapter shall have the following powers: (1) To have succession by its corporate name for the period limited in its charter and when no period is limited in perpetuity. (2) To sue and be sued. (3) To use a common seal and to alter it at pleasure. (4) To hold, purchase, lease, mortgage, or otherwise dispose of and convey such real and personal estate as the business of the association requires. (5) To make contracts under such regulations as may be fixed in the bylaws of the association possessing the same powers in such respects as individuals now enjoy. (6) To borrow money for the purpose of carrying out the objects of its charter, to make notes, bonds or other evidences of debt and to secure the payment of its obligations by mortgage or deed of trust on any or all of its property and franchises, both real and personal. (7) To appoint such subordinate officers and agents as the business of the association requires, prescribe their duties and fix their compensation. (8) To make bylaws not inconsistent with any existing law for the transfer of its stock, the management of its property or the regulation of its affairs. (9) To expel or suspend members or associates. (10) Construct, repair, maintain, operate and lease or rent houses, dormitories, community rooms, dining halls, infirmaries, educational or assembly buildings and any other related buildings, including those used for heating, bathing facilities or domestic water supply. (11) The board of directors of the association is authorized to levy assessments or other charges as they may determine, as a source of income, against the stockholders in proportion to the number of shares of stock held by each such stockholder.

Legislative History

HISTORY: 1962 Code SECTION 3-714; 1962 (52) 2222.