An association shall have the capacity to act possessed by natural persons and the authority to do anything required or permitted herein and also:
A. to continue as a corporation for the time specified in its articles;
B. to have a corporate seal and to alter the same at pleasure;
C. to sue and be sued in its corporate name;
D. to make by-laws [bylaws] for the government and regulation of its affairs;
E. to acquire, own, hold, sell, lease, pledge or mortgage any property incident to its purposes;
F. to own and hold membership in and share capital of other associations and corporations, and any types of bonds or other obligations; and while the owner thereof to exercise all the rights of ownership;
G. to borrow money, contract debts and make contracts, including agreements of mutual aid or federation with other associations and other groups organized on a cooperative basis;
H. to conduct its affairs without as well as within this state;
I. to exercise in addition any power granted to ordinary business corporations, save those powers inconsistent herewith;
J. to exercise all powers not inconsistent herewith which may be necessary, convenient, or expedient for the accomplishment of its purposes, and, to that end, the foregoing enumeration of powers shall not be deemed exclusive.
History: Laws 1939, ch. 164, § 4; 1941 Comp., § 54-1404; 1953 Comp., § 51-15-4.
ANNOTATIONSBracketed material. — The bracketed material was inserted by the compiler and is not part of the law.
Cross references. — For Uniform Unclaimed Property Act, see Chapter 7, Article 8A NMSA 1978.
Am. Jur. 2d, A.L.R. and C.J.S. references. — 18 Am. Jur. 2d Cooperative Associations §§ 30 to 32; 18 Am. Jur. 2d Corporations §§ 28, 32, 33; 18A Am. Jur. 2d Corporations §§ 196, 197; 18B Am. Jur. 2d Corporations §§ 1990 to 1992, 1995 to 1999, 2001 to 2008, 2085.
Exemption of cooperative associations from operation of statutes relating to use of highways by private motor carriers and contract motor carriers for hire, 109 A.L.R. 550, 175 A.L.R. 1333.
Membership corporation or association or cooperative group furnishing to its members service commonly supplied by public utility, as subject to governmental regulation or to jurisdiction of public service commission, 132 A.L.R. 1495.
Validity and construction of provisions for liquidated damages in contract with cooperative marketing association, 12 A.L.R.2d 130.
19 C.J.S. Corporations §§ 554 to 739; 43 C.J.S. Industrial Cooperative Societies § 6.