275.020. General corporate powers, when.

MISSOURI STATUTES AND CODES

275.020. General corporate powers, when.

General corporate powers, when.

275.020. That any three or more citizens and residents ofthis state engaged in growing, cultivating and producing the sameagricultural commodity may, upon application as provided in thischapter, become a body corporate, and as such shall have andexercise the following powers:

(1) To have succession by its corporate name for the periodlimited in its articles of agreement, not exceeding, however, theterm of fifty years, and if no limit be fixed in said articles ofagreement, for the term of twenty years;

(2) To sue and be sued, complain and defend in any court oflaw or equity;

(3) To make and use a common seal and alter the same atpleasure;

(4) To hold, purchase, mortgage or otherwise convey suchreal estate and personal estate as may be necessary and requisitefor the purposes for which such association is organized and alsoto take and hold and convey such other property, real, personalor mixed, as shall be necessary or requisite for it to acquire inorder to secure the payment of any indebtedness or liabilitywhich may be due such association;

(5) To appoint such subordinate officers, and make bylaws,for the management of its property and the regulation of itsaffairs;

(6) To increase or diminish, by vote of its stockholders,cast as its bylaws may direct, the number of its directors ortrustees, which shall not be less than three nor more thanthirty-six in number. Such changes in the number of directors ortrustees shall take effect and be in force from the date on whichthe president or secretary of such association shall file withthe secretary of state an affidavit setting forth the number ofdirectors and trustees fixed, together with the date at whichsuch change in number of directors or trustees was voted by thestockholders of such association.