Sec. 10. Each association incorporated under this chapter has the following powers:

(1) To engage in any activity in connection with the following:

(A) Producing, marketing, selling, preserving, harvesting, drying, processing, manufacturing, canning, packing, grading, storing, handling, or use of any agricultural products produced or delivered to the association by the association's members or others.

(B) Manufacturing or marketing the byproducts of agricultural products produced or delivered to the association by the association's members or others.

(C) Manufacturing, producing, processing, procuring, purchasing, or supplying supplies, machinery, or equipment to the association's members or others.

(D) Financing any activities described in clauses (A) through (C).

(E) Performing or furnishing economic, educational, or other services.

(F) Any one (1) or more of the activities specified in this section.

(2) To transact business with and perform services for nonmembers in an amount not greater in value than the total amount of business transacted with and services performed for members in the same fiscal year.

(3) To borrow money without limitation as to the amount of corporate indebtedness or liability.

(4) To act as the agent or representative of any member or members or others in any of the activities described in subdivisions (1) through (3).

(5) To make advances to members and other persons.

(6) To:

(A) purchase or acquire;

(B) hold, own, and exercise all rights of ownership in;

(C) sell, transfer, or pledge; or

(D) 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, handling, or marketing of any of the products handled by the association.

(7) To establish and accumulate reserves and surplus.

(8) To:

(A) buy; or

(B) acquire, hold, and exercise all privileges of ownership over;

real and personal property as may be necessary, convenient, or incidental to the conduct and operation of the business and activities of the association.

(9) To:

(A) establish, secure, own, and develop; and

(B) dispose of;

patents, trademarks, and copyrights.

(10) To:

(A) do anything:

(i) necessary or proper for the accomplishment of any one (1) of the purposes or the performance of any one (1) or more of the activities listed in this section; or

(ii) conducive to or expedient for the interest or benefit of the association; and

(B) contract accordingly.

(11) To exercise and possess the following:

(A) All powers, rights, and privileges necessary for or incidental to:

(i) the purposes for which the association is organized; or

(ii) the activities in which the association is engaged.

(B) Any other rights, powers, and privileges granted by Indiana law or to for-profit or nonprofit corporations, except as are inconsistent with the express provisions of this chapter.

(12) To recover, after two (2) years, any unclaimed stocks, dividends, capital credits, patronage refunds, utility deposits, membership fees, account balances, or book equities:

(A) for which the owner cannot be found; and

(B) that are the result of distributable savings of the association returned to the members on a pro rata basis.

[Pre-2008 Recodification Citation: 15-7-1-5.]

As added by P.L.2-2008, SEC.3.