275.020. General corporate powers, when.

333 words·~2 min read·/mo/chapter-275/275-020

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

275.020. General corporate powers, when. — That any three or more citizens and residents of this state engaged in growing, cultivating and producing the same agricultural commodity may, upon application as provided in this chapter, become a body corporate, and as such shall have and exercise the following powers:

(1)To have succession by its corporate name for the period limited in its articles of agreement, not exceeding, however, the term of fifty years, and if no limit be fixed in said articles of agreement, for the term of twenty years;

(2)To sue and be sued, complain and defend in any court of law or equity;

(3)To make and use a common seal and alter the same at pleasure;

(4)To hold, purchase, mortgage or otherwise convey such real estate and personal estate as may be necessary and requisite for the purposes for which such association is organized and also to take and hold and convey such other property, real, personal or mixed, as shall be necessary or requisite for it to acquire in order to secure the payment of any indebtedness or liability which may be due such association;

(5)To appoint such subordinate officers, and make bylaws, for the management of its property and the regulation of its affairs;

(6)To increase or diminish, by vote of its stockholders, cast as its bylaws may direct, the number of its directors or trustees, which shall not be less than three nor more than thirty-six in number. Such changes in the number of directors or trustees shall take effect and be in force from the date on which the president or secretary of such association shall file with the secretary of state an affidavit setting forth the number of directors and trustees fixed, together with the date at which such change in number of directors or trustees was voted by the stockholders of such association.

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(RSMo 1939 § 14364)

Prior revision: 1929 § 12706

CROSS REFERENCE:

Cooperative companies, Chap. 357