Each association incorporated under this subchapter shall have the following powers:
(1) To engage in any activity in connection with any agricultural or related activity, including, but without limitation, any activity in connection with the producing, marketing, selling, harvesting, dairying, preserving, drying, processing, canning, packing, milling, ginning, compressing, storing, transporting, handling, or utilization of any agricultural or forestry products produced by it or delivered to it by its members or others; with the manufacturing or marketing of the by-products thereof; in connection with the purchase, hiring, or use by it or its members or others of supplies, machinery, or equipment; in the acquisition or improvement of land; in the construction or maintenance of houses, barns, sheds, or facilities for its use or the use of its members; for indemnifying or replacing damaged, lost, or destroyed livestock or other tangible personal property pertaining to agriculture belonging to its members; in burial activities; or the furnishing of medical, dental, health, hospitalization, nursing, or any related services, or medicines or medical supplies to its members and their families;(2) To borrow money and to make advances to members;(3)(A) To establish funds in pools for the purposes of indemnifying or replacing damaged, lost, or destroyed livestock or other tangible personal property pertaining to agriculture belonging to members.(B) Associations organized under this subchapter which shall engage in the activities enumerated in this subdivision (3) shall not be deemed to be insurance companies and shall not be subject to the insurance laws of Arkansas;(4) To purchase or otherwise acquire and to hold, own, and exercise all rights of ownership in, and to sell, transfer, or pledge or guarantee the payment of dividends or interest on, or the retirement or redemption of shares of the capital stock or bonds of any corporation or association engaged in any related activity or in the production, warehousing, handling, or marketing of any of the products of the type handled by the association;(5) To establish reserves and to invest those funds in bonds or such other property as may be provided in the bylaws;(6) To purchase or otherwise acquire or to buy, hold, and exercise all privileges of ownership or tenancy over such real and personal property as may be necessary or convenient for the conducting and operating of any of the business of the association or incidental thereto;(7)(A) To arrange medical, dental, health, surgical, nursing, hospitalization, and related services and benefits for the members and families of the members.(B) Associations organized under this subchapter for the purposes specified in this subdivision (7) shall not be deemed to be insurance companies and shall not be subject to the insurance laws of Arkansas;(8)(A) To do each and every thing necessary, suitable, or proper for the accomplishment of any 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, and to do any such thing anywhere;(9) To contract and to sue and be sued; and(10) To act as agent or representative of any members or others in any of the activities enumerated in this section.Acts 1939, No. 153, § 6; A.S.A. 1947, § 77-1006.