§ 43-16-108 — Powers of incorporated association

Each association incorporated under this chapter has the power to: (1) Engage in activity in connection with the marketing, selling, preserving, harvesting, drying, processing, manufacturing, canning, packing, grading, storing, handling, or utilization of any agricultural products produced or delivered to it by its members, or the manufacturing, or marketing of the by-products thereof; or any activity in connection with the purchase, hiring, or use by its members of supplies, machinery, or equipment; or in the financing of any such activities; or in any one (1) or more of the activities specified in this section; and the association may also buy, sell and deal in agricultural products of nonmembers to an amount not greater in value than such as are handled by it for its members; (2) Borrow money and make advance payments and advances to members; (3) Act as the agent or representative of any member or members in any of the above mentioned activities; (4) Purchase or otherwise acquire, and hold, own, and exercise all rights or ownership in, and sell, transfer, or pledge, or guarantee the payment of dividends or interest on or the retirement or redemption of shares of the capital stock or bonds of any corporation or association engaged in any related activity or in the warehousing or handling or marketing of any of the products handled by the association; (5) Establish reserves and invest the funds thereof in bonds or in such other property as may be provided in the bylaws; (6) Buy, hold, and exercise all privileges of ownership over such real or personal property as may be necessary or convenient for the conduct and operation of any business of the association, or incidental thereto; (7) Establish, secure, own and develop patents, trademarks and copyrights; and (8) Do each and everything necessary, suitable or proper for the accomplishment of any one (1) of the purposes or the attainment of any one (1) or more of the subjects, enumerated in this section, or conducive to or expedient for the interest or benefit of the association, and contract accordingly; and, in addition, exercise and possess all powers, rights and privileges necessary or incidental to the purposes 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 those inconsistent with the express provisions of this chapter, and to do any such thing anywhere.

Legislative History

Acts 1923, ch. 100, § 6; Shan. Supp., § 2534a32; Code 1932, §3790; Acts 1933, ch. 93, § 1; C. Supp. 1950, § 3790; T.C.A. (orig. ed.) § 43-1808.