Topic: powers

• § 308B.301 Powers statute

  A 308B cooperative has broad general powers plus listed powers to deal in products, hold property, borrow, advance funds to patrons, provide benefits and insurance, and own interests in other entities, but it may not exercise bank, credit union or savings association powers.

• § 308B.305 Emergency Powers statute

  When a catastrophic event makes it hard to get a board quorum, the board may change succession and relocate offices, give flexible notice, treat officers as directors to reach a quorum, and good-faith emergency actions bind the cooperative.

• § 308B.311 Agricultural Product Marketing Contracts statute

  A cooperative and a patron may sign a marketing contract requiring the patron to sell a specified portion of agricultural product exclusively to the cooperative, for up to ten years per term, with liquidated damages and injunction remedies built in.