(a) An association may organize, form, operate, own, control, have an interest in, own stock of, or be a member of any other corporation or corporations, with or without capital stock, and engaged in preserving, drying, processing, canning, packing, storing, handling, shipping, utilizing, manufacturing, marketing or selling of the products handled by the association, or the by-products thereof.

(b) Warehousing Corporations: Receipts: Issuance and Adequacy as Collateral: Challenge or Discrimination Because of Ownership or Control. If such corporations are warehousing corporations, they may issue legal warehouse receipts to the association against the commodities deliv- ered by it, or to any other person, and such legal warehouse receipts shall be considered as adequate collateral to the extent of the usual and current value of the commodity represented thereby. In case such warehouse is licensed or licensed and bonded under the laws of this territory, its warehouse receipt delivered to the association on commodities of the association or its

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CH. 13 NONPROFIT COOPERATIVE ASSOCIATIONS

members, or delivered by the association or its members, shall not be challenged or discriminated against because of ownership or control, wholly or in part, by the association.

(c) Merger or Consolidation of Corporations. Any two or more corporations organized hereunder may be merged into one such constituent corporation or consolidated into a new corporation, such merger or consolidation to be made in the manner prescribed by the general laws of the territory covering domestic corporations.

SOURCE: CC § 650.23.