Sec. 55.001. POWERS. An association formed under this chapter may:
(1) borrow money for and lend money to its members;
(2) discount, rediscount, endorse, purchase, or sell notes, bills, or other evidences of indebtedness of its members that may be discounted or rediscounted under the rules prescribed by the Farm Credit Administration; and
(3) exercise the powers authorized by the general corporation laws of this state unless the law granting the power conflicts with this chapter.
Acts 1981, 67th Leg., p. 1121, ch. 388, Sec. 1, eff. Sept. 1, 1981.
Section: 55.001 55.002 55.003 55.004 55.005 55.006 55.007 55.008 55.009 NextLast modified: September 28, 2016