(1) Unless otherwise provided in the articles, every limited cooperative association has perpetual duration and succession in its domestic entity name and has the powers to do all things necessary or convenient to carry out its business and affairs, including without limitation:
To sue and be sued, complain, and defend in its entity name, and to maintain anaction against a member for harm caused to the association by the member's violation of a duty to the association or of this article or the articles or bylaws;
To have a seal, which may be altered at will, and to use the seal, or a facsimilethereof, including a rubber stamp, by impressing or affixing it or by reproducing it in any other manner;
To amend its articles and make and amend bylaws;
To purchase, receive, lease, and otherwise acquire, and to own, hold, improve, use,and otherwise deal with, real or personal property or any legal or equitable interest in property, wherever located;
To sell, convey, mortgage, pledge, lease, exchange, and otherwise dispose of all orany part of its property;
To purchase, receive, subscribe for, and otherwise acquire shares and other interestsin, and obligations of, any other entity; and to own, hold, vote, use, sell, mortgage, lend, pledge, and otherwise dispose of, and deal in and with, the same;
To make contracts and guarantees; incur liabilities; borrow money; issue notes, bonds, and other obligations, which may be convertible into or include the option to purchase other interests or securities of the association; and secure any of its obligations by mortgage or pledge of any of its property, franchises, or income;
To lend money, invest and reinvest its funds, and receive and hold real and personalproperty as security for repayment;
To be an agent, an associate, a fiduciary, a manager, a member, a partner, an equityowner, a promoter, or a trustee of, or to hold any similar position with, any entity;
To conduct its business and activities, locate offices, and exercise the powers grantedby this article within or without this state;
To elect and appoint directors, officers, employees, and agents of the association,define their duties, fix their compensation, and lend them money and credit;
To pay pensions and establish pension plans, pension trusts, profit-sharing plans, share bonus plans, share options and rights plans, and benefit or incentive plans for any of its current or former directors, officers, employees, and agents;
To make donations for the public welfare or for charitable, scientific, or educationalpurposes;
To make payments or donations and to do any other act, not inconsistent with law,that furthers the business and affairs of the association;
To establish conditions for admission of members, admit members, and issue or transfer memberships;
To impose dues, assessments, and admission and transfer fees upon its members;
To impose restrictions on the transfer of its membership interests or other interests inthe association;
To carry on its business and affairs;
To indemnify current or former directors, officers, employees, fiduciaries, or agentsas provided in part 9 of this article;
To limit the liability of its directors as provided in section 7-58-818; and(u) To cease its activities and dissolve.
Source: L. 2011: Entire article added, (SB 11-191), ch. 197, p. 764, § 1, effective April 2, 2012.