274.220. Membership in other corporations--functions. - Missouri Statutes

Membership in other corporations--functions.

274.220. 1. An association may organize, form, operate, control,have an interest in, or be a member of a corporation or other entity andengage in preserving, drying, processing, canning, packing, storing,handling, shipping, utilizing, manufacturing, marketing or selling of theagricultural products handled by the association, or the by-productsthereof.

2. If such corporations are warehousing corporations, they may issuelegal warehouse receipts to the association against the commoditiesdelivered by it, or to any other person and such legal warehouse receiptsshall be considered as adequate collateral to the extent of the usual andcurrent value of the commodity represented thereby.

3. In case such warehouse is licensed or licensed and bonded underthe laws of this or any other state or the United States, its warehousereceipt delivered to the association on commodities of the association orits members, or delivered by the association or its members, shall not bechallenged or discriminated against because of ownership or control, whollyor in part, by the association.

(RSMo 1939 § 14353, A.L. 1996 H.B. 1237 merged with S.B. 521)

Prior revision: 1929 § 12695