Each association incorporated under this subchapter shall have the following powers to:
(1)(A) Engage in any activity in connection with the marketing, selling, harvesting, preserving, drying, processing, canning, packing, ginning, compressing, storing, handling, or utilization of any agricultural products produced or delivered to it by its members; the manufacturing or marketing of the by-products thereof; in connection with the purchase, hiring, or use by members of supplies, machinery, or equipment; in the financing of any such activities; or in any one (1) or more of the activities specified in this section.(B) No association, however, shall handle the products of nonmembers to an extent greater than that handled for members;(2) Borrow money and to make advances to members;(3) Act as the agent or representative of any member in any of the mentioned activities;(4) Purchase or otherwise acquire and to hold, own, and exercise all rights of ownership in, and to sell, transfer, or pledge shares of the capital stock or bonds of any corporation or association engaged in any related activity or in the handling or marketing of any of the products handled by the association;(5) Establish reserves and to invest the funds thereof in bonds or 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 conducting and operation of any of the business of the association or incidental thereto; and(7)(A) Do each and every thing 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 objects enumerated in this section or conducive to or expedient for the interest or benefit of the association, and to contract accordingly.(B) In addition, to 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.(C) In addition, to have any other rights, powers, and privileges granted by the laws of this state to ordinary corporations, except as are inconsistent with the express provisions of this subchapter, and to do any such thing anywhere.Acts 1921, No. 116, § 6; 1937, No. 351, § 1; Pope's Dig., § 2291; A.S.A. 1947, § 77-906.