7521 - Special powers and limitations.
SUBCHAPTER B POWERS, DUTIES AND SAFEGUARDS Sec. 7521. Special powers and limitations. 7522. Records of salary or other payments. 7523. Members. 7524. Issuance of shares. 7525. Sale, transfer or redemption of shares. 7526. Termination of membership. 7527. Voting by proxy or mail. 7528. Meetings. 7529. Fundamental changes. 7530. Bylaws. 7531. Directors. 7532. Removal of directors. 7533. Officers. 7534. Marketing arrangements. 7535. Patronage distributions. 7536. Audit of operations. 7537. Contract assignments to association. 7538. Exemption from tax on capital stock and indebtedness. § 7521. Special powers and limitations. (a) General rule.--Each association shall have power (in addition to or limitation of the powers conferred by section 1502 (relating to general powers) or 5502 (relating to general powers)): (1) To act as agent, broker or attorney-in-fact for its members and patrons and for any subsidiary or affiliated person. (2) To hold chapter for its members and patrons and for subsidiary and affiliated persons to property handled or managed by the association on their behalf. (3) In furtherance of association purposes, to make loans or advances to its members and patrons or to subsidiary and affiliated persons or their members. (4) To establish and accumulate reserves and surplus to capital and such other funds as may be authorized by the articles of association or the bylaws. (5) To issue membership certificates and to foster membership in the association and to solicit patrons by advertising or by educational or other lawful means. (6) To issue and to sell common and preferred stock. (7) To own shares of the capital stock of, to hold membership in and to hold bonds or other obligations of other persons engaged in any related activity or engaged in producing, manufacturing, warehousing or marketing any of the products handled by the association or engaged in financing its activities or those of its members. (8) To deal in products of and handle machinery, equipment, supplies and perform services for nonmembers to an amount not greater in annual value than such as are dealt in, handled or performed for or on behalf of its members. (b) Enumeration unnecessary.--It shall not be necessary to set forth in the articles of the association the powers enumerated in this chapter.