New Mexico § 62-15-3 - Powers

§ 62-15-3. Powers

A cooperative shall have power to: A. sue and be sued, complain and defend, in its corporate name; B. have perpetual existence by its corporate name; C. adopt a corporate seal and alter the same at pleasure, and to use the seal by causing

it or a facsimile of it to be impressed or affixed or in any other manner reproduced;

but failure to have or to affix a corporate seal does not affect the validity of any

instrument or any action taken in pursuance of or in reliance on any instrument; D. own, operate, lease or control plant, property and facilities for the generation,

transmission or distribution, sale or furnishing of electricity for light, heat or

power or other uses; and to generate, manufacture, purchase, acquire, accumulate

and transmit electric energy; and to distribute, sell, supply and dispose of electric

energy in rural areas to or for its members, governmental agencies and political subdivisions

and the general public; E. make loans to persons to whom electric energy is or will be supplied by the cooperative

for the purpose of, and otherwise to assist such persons in, wiring their premises

and installing electric and plumbing fixtures, appliances, apparatus and equipment

of any kind and character; and in connection therewith to purchase, acquire, lease,

sell, distribute, install and repair such electric and plumbing fixtures, appliances,

apparatus and equipment; and to accept or otherwise acquire and to sell, assign,

transfer, endorse, pledge, hypothecate and otherwise dispose of notes, bonds and other

evidences of indebtedness and any type of security therefor; and to lend money for

its corporate purposes, invest and reinvest its funds; and to take and hold real

and personal property as security for the payment of funds so loaned or invested; F. make loans to persons to whom electric energy is or will be supplied by the cooperative

for the purpose of, and otherwise to assist such persons in, constructing, maintaining

and operating electric refrigeration plants; G. purchase, take, receive, subscribe for or otherwise acquire, own, hold, vote, exercise

rights arising out of the ownership or possession thereof, use, employ, sell, assign,

transfer, convey, mortgage, lend, pledge, hypothecate or otherwise dispose of and

otherwise use and deal in and with shares, rights, memberships or other interests

in, or notes, bonds, debentures, mortgages, passbooks, certificates of deposit or

other obligations of, other domestic or foreign corporations, associations, partnerships,

limited partnerships or individuals, or direct or indirect obligations or securities

of individuals, associations, cooperatives, partnerships, corporations or of the United

States or of any other government, state, territory, governmental district or municipality

or of any instrumentality thereof; H. construct, purchase, take, receive, lease as lessee or otherwise acquire, and to

own, hold, improve, use, equip, maintain and operate, and to sell, assign, transfer,

convey, exchange, lease as lessor, mortgage, pledge or otherwise dispose of or encumber

electric transmission and distribution lines or systems, electric generating plants,

electric refrigeration plants, property, buildings, structures, dams, plants and equipment

and any kind and class of real or personal property which shall be deemed necessary,

convenient or appropriate to accomplish the purpose for which the cooperative is organized; I. purchase or otherwise acquire, and to own, hold, use and exercise, and to sell,

assign, transfer, convey, mortgage, pledge, hypothecate or otherwise dispose of or

encumber franchises, rights, privileges, licenses, rights-of-way and easements; J. make contracts and guarantees and incur liabilities, borrow money at such rates

of interest as the board of trustees shall determine and otherwise contract indebtedness,

and to issue its notes, bonds and other evidences of indebtedness therefor, and to

secure the payment of any thereof by mortgage, pledge, deed of trust, assignment,

security agreement or any other hypothecation or encumbrance upon any or all of its

then-owned or after-acquired real or personal property, assets, franchises, revenues

or income; K. construct, maintain and operate electric transmission and distribution lines along,

upon, under and across all public thoroughfares, including without limitation all

roads, highways, streets, alleys and bridges, and upon, under and across all publicly

owned property; L. exercise the power of eminent domain in the manner provided by the Eminent Domain

Code for the exercise of that power by corporations constructing or operating electric

transmission and distribution lines or systems; M. conduct its business, carry on its operations, have offices and exercise the powers

granted by the Rural Electric Cooperative Act in any state, territory, district or

possession of the United States or in any foreign country; N. adopt, amend and repeal bylaws consistent with the Rural Electric Cooperative Act

and the Public Utility Act; O. make donations for the public welfare or for charitable, scientific or educational

purposes, and in time of war to make donations in aid of war activities; P. transact any lawful business in aid of governmental policy; Q. subject to any limitations set forth in the articles of incorporation or bylaws,

do such other and further acts and undertake such other and further activities and

transactions for the mutual benefit of its members and patrons as may be done and

undertaken by a corporation organized under the Business Corporation Act for the same

or any additional lawful purpose, including the indemnification of and the procurement

of insurance for present and former trustees, officers, employees and agents of the

cooperative as if trustees and members were directors and shareholders respectively; R. pay pensions and establish pension plans, pension trusts, bonus plans, health insurance

plans, savings plans and any other incentive plans or employee relation plans customarily

used by broadly held corporations for its trustees, officers and employees, or for

its employees alone; S. cease its corporate activities and surrender its corporate franchise; and T. do and perform all other acts and things and have and exercise all other powers

which may be necessary, convenient or appropriate to accomplish the purpose for which

the cooperative is organized, to effectuate the powers set forth in this section and

to accept all the burdens and exercise all the benefits which apply to public utilities

under the laws of New Mexico.