TITLE 17. EDUCATION

CHAPTER 15. EDUCATIONAL COOPERATIVE LAW

17:2804      Powers of cooperative

  A cooperative may:

  (1) Sue and be sued, in its corporate name;

  (2) Have existence for a period of not more than ninety-nine years;

  (3) Adopt a corporate seal and alter the same at pleasure;

  (4) Plan, acquire, offer and provide all types of elementary and secondary educational services;

  (5) Plan, acquire, offer and provide all types of educational facilities necessary and offer, sell and issue notes, bonds, and other evidences of indebtedness;

  (6) Make loans to persons to whom educational services will be supplied by the cooperative for the purpose of, and otherwise assist such persons in, constructing maintaining and operating educational facilities;

  (7) Become a member in one or more other cooperatives or corporations or own stock therein;

  (8) Construct, purchase, take, receive, lease as leasee, or otherwise acquire, and own, hold, use, equip, maintain, and operate, and sell, assign, transfer, convey, exchange, lease as lessor, mortgage, pledge, or otherwise dispose of or encumber all types of educational facilities, including transportation facilities and any and all kinds of classes of real or personal property whatsoever, which shall be deemed necessary, convenient or appropriate to accomplish the purpose for which the cooperative is organized;

  (9) Purchase or otherwise acquire, and own, hold, use and exercise and sell, assign, transfer, convey, mortgage, pledge, hypothecate, or otherwise dispose of or encumber, franchises, rights, privileges, licenses, rights of way and easements;

  (10) Borrow money and otherwise contract indebtedness, and issue notes, bonds, and other evidences of indebtedness therefor, and secure the payment thereof by mortgage, pledge, deed of trust, or any other encumbrance upon any or all of its then owned or after acquired real or personal property, assets, franchises, revenues or income;

  (11) Construct, maintain and operate educational facilities, subject, however, to the requirements that are imposed by health and safety laws of this state;

  (12) Conduct its business and exercise any or all of its powers within or without this state;

  (13) Adopt, amend and repeal bylaws; and

  (14) Do and perform any and all other acts and things, and have and exercise any and all other powers which may be necessary, convenient or appropriate to accomplish the purpose for which the cooperative is organized.

Added by Acts 1958, No. 257, Sec. 4.