Unless otherwise provided by its articles, a cooperative may: 1. Exist perpetually. 2. Sue and be sued. 3. Have a seal. 4. Make contracts, incur liabilities, and borrow money; issue certificates representing indebtedness, or representing equity interests in its assets; acquire property; and dispose of, mortgage, pledge, lease, or otherwise use in any manner any of its property, or any interest therein, wherever situated. 5. Invest its funds, lend money for its purposes, and hold any property as security for repayment. 6. Conduct its business and affairs and have offices and exercise its powers in the United States or in any foreign country. 7. Elect officers and appoint agents, define their duties, and fix their compensation. 8. Make and alter bylaws, consistent with its articles and the laws of this state, for the administration and regulation of its affairs. 9. Make donations for charitable, scientific, educational, or religious purposes. 10. Indemnify any present or former director, officer, agent, or manager against actual expenses necessarily incurred in defense of any proceeding in which the person is a party because the person is or was a director, officer, agent, or manager. This subsection does not apply to those proceedings in which the person is adjudged liable for gross or willful negligence or gross or willful misconduct in the performance of duty. Such indemnification is not exclusive of other rights to which the person may be entitled. For purposes of this subsection, "manager" means the person who was the most responsible for carrying out the policies and directives of the officers or the board of directors when the act or omission complained of occurred. 11. Cease its activities and surrender its franchise. 12. Exercise all powers necessary or convenient to effect its purposes.
‹ Prev All North Dakota sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.