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Special powers and limitations - 15 Pa. Cons. Stat. § 7521

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                               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.

Last modified: November 27, 2007