Corporations, Associations, and Partnerships

Producers' Cooperatives


§ 7-7-6. General powers of associations.

Each association incorporated under this chapter has power and authority to:

(1) Have perpetual succession in its corporate name unless a period for its duration is limited in its articles of association;

(2) Sue and be sued in its corporate name;

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

(4) Elect any officers and appoint any agents that its business requires and to fix their compensation and define their duties;

(5) Issue shares of capital stock or certificates of membership to its members, and to transfer, retire, or cancel them, as authorized by law, or by the articles of association or bylaws adopted in conformity with law;

(6) Buy, lease, or hold any real or personal property necessary or convenient for the conduct and operation of the business or incidental to it;

(7) Enter into contracts with its members for periods not over ten (10) years requiring them to sell or market all or a specified part of their products to or through the association;

(8) Employ any lawful means or methods for financing its transactions or operations;

(9) Borrow money and to make advance payments and other advances to members;

(10) Act as agent or representative of any member or members in carrying out the objects of the association;

(11) Receive and employ warehouse receipts or other written instruments covering products of members stored on farms or elsewhere under suitable conditions issued or executed by any warehouseman, warehousing association, or other entity, which products may or may not have been inspected by inspectors licensed or authorized to inspect, sample, classify, grade, or weigh agricultural products under state or federal laws and which warehouse receipts or other written instruments may or may not be accompanied by the certificate or certificates issued by the inspectors on the products;

(12) Form or become a member or stockholder of other nonprofit associations of producers, and to admit to membership or to sell stock to, other nonprofit associations of producers;

(13) Adopt bylaws consistent with law providing for any matter or thing relative to the control, operation, maintenance, management, regulation, government, financing, indebtedness, the establishment of voting districts and the election of delegates for representative purposes; membership, the termination of it; stock (if formed with capital stock), its issuance, retirement, purchase, or transfer; or with respect to members, directors, or officers; and any other bylaws pertaining to its affairs;

(14) Do everything necessary, suitable, or proper for the accomplishment of any one or more of the purposes; or the attainment of any one or more of the objects enumerated in these provisions; or the objects or purposes for which formed, and to contract and act accordingly.

History of Section.
(P.L. 1928, ch. 1202, § 5; G.L. 1938, ch. 117, § 5; G.L. 1956, § 7-7-6.)