Tenn. Code § 59-13-107

Current through Acts 2023-2024, ch. 1069

Section 59-13-107 - Powers and duties

Each association incorporated under this chapter shall have the following powers, to:

(1) Engage in activity in connection with the marketing or selling of the coal of its members or the sampling, storing, processing, permitting, reclamation, transporting of the coal or marketing of the derivatives thereof; or in any activity in connection with the purchase, hiring, or use by its members of supplies, machinery, or equipment; or in the financing of any such activities; or in any one (1) or more of the activities specified in this section; and such association may also buy, sell and deal in coal of nonmembers to any amount not greater in value than such as is handled by it for its members;

(2) Borrow money and to make advance payments and advances to members;

(3) Act as the agent or representative of any member or members in any of the above-mentioned activities;

(4) Purchase or otherwise acquire, and to hold, own, and exercise all rights or 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 storing or handling or marketing of any of the products handled by the association;

(5) Establish reserves and to invest the funds thereof in bonds or in such other property as may be provided in the bylaws;

(6) Buy, hold, and exercise all privileges or ownership over such real or personal property as may be necessary or convenient or incidental for the conduct and operation of any business of the association, or incidental thereto;

(7) Establish, secure, own and develop patents, trademarks and copyrights; and

(8) 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 subjects enumerated; or conducive to or expedient for the interest or benefit of the association; and to contract accordingly; and 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 in addition, any other rights, powers, and privileges granted by the laws of this state to ordinary corporations, except such as are inconsistent with the express provisions of this chapter, and to do any such thing anywhere.

T.C.A. § 59-13-107

Acts 1984, ch. 864, § 7.