501.102 Purposes and powers.
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/ia/chapter-501-closed-cooperatives/501-102A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
1. A cooperative organized under this chapter has the purpose of engaging in any lawful business unless a more limited purpose is set forth in the articles.
2. Unless its articles provide otherwise, a cooperative has perpetual duration and succession in its cooperative name and has the same powers as an individual to do all things necessary or convenient to carry out its business and affairs, including, but not limited to, all of the following:
a. Sue and be sued, complain, and defend in its name.
b. Have a seal, which may be altered at will, and use it, or a facsimile of it, by impressing or affixing it or in any other manner reproducing it.
c. Make and amend bylaws, not inconsistent with its articles of association or with the laws of this state, for managing the business and regulating the affairs of the cooperative.
d. Purchase, receive, lease, or otherwise acquire, and own, hold, improve, use, and otherwise deal with, real or personal property, or any legal or equitable interest in property, wherever located.
e. Sell, convey, mortgage, pledge, lease, exchange, and otherwise dispose of all or any part of its property.
f. Purchase, receive, subscribe for, or otherwise acquire, own, hold, vote, use, sell, mortgage, lend, pledge, or otherwise dispose of, and deal in and with shares or other interests in, or obligations of, any other entity.
g. Make contracts and guarantees, incur liabilities, borrow money, issue its notes, bonds, and other obligations, which may be convertible into or include the option to purchase other interests of the cooperative, and secure any of its obligations by mortgage or pledge of any of its property, franchises, or income.
h. Lend money, invest and reinvest its funds, and receive and hold real and personal property as security for repayment.
i. Be a promoter, partner, member, associate, or manager of any partnership, joint venture, trust, or other entity.
j. Conduct its business, locate offices, and exercise the powers granted by this chapter within or without this state.
k. Elect directors and appoint officers, employees, and agents of the cooperative, define their duties, fix their compensation, and lend them money and credit.
l. Pay pensions and establish pension plans, pension trusts, profit-sharing plans, bonus plans, and benefit or incentive plans for any or all of its current or former directors, officers, employees, and agents.
m. Make donations for the public welfare or for charitable, scientific, or educational purposes.
n. Transact any lawful business that will aid governmental policy.
o. Make payments or donations, or do any other act, not inconsistent with law, that furthers the business and affairs of the cooperative.
96 Acts, ch 1010, §4; 98 Acts, ch 1152, §7, 69