Texas § UT.161.121 - GENERAL POWERS

§ UT.161.121. GENERAL POWERS

GENERAL POWERS. An electric cooperative may: (1) sue and be sued in its corporate name; (2) adopt and alter a corporate seal and use the seal or a facsimile of the seal as required by law; (3) acquire, own, hold, maintain, exchange, or use property or an interest in property, including plants, buildings, works, machinery, supplies, equipment, apparatus, and transmission and distribution lines or systems that are necessary, convenient, or useful; (4) dispose of, mortgage, or lease as lessor any of its property or assets; (5) borrow money and otherwise contract indebtedness, issue obligations for its indebtedness, and secure the payment of indebtedness by mortgage, pledge, or deed of trust on any or all of its property or revenue; (6) accept gifts or grants of money, services, or property; (7) make any contracts necessary or convenient for the exercise of the powers granted by this chapter; (8) conduct its business and have offices inside or outside this state; (9) adopt and amend bylaws not inconsistent with the articles of incorporation for the administration and regulation of the affairs of the cooperative; and (10) perform any other acts for the cooperative or its members or for another electric cooperative or its members, and exercise any other power, that may be necessary, convenient, or appropriate to accomplish the purpose for which the cooperative is organized, including other or additional purposes that benefit members and nonmembers, either directly or through affiliates, described in Section A, Article 2.01, Texas Non-Profit Corporation Act (Article 1396-2.01, Vernon's Texas Civil Statutes). Acts 1997, 75th Leg., ch. 166, Sec. 1, eff. Sept. 1, 1997. Amended by Acts 1999, 76th Leg., ch. 62, Sec. 18.15(a), eff. Sept. 1, 1999.