24.2202 Purposes.

Cite as [A.S.C.A. § 24.2202]

The purposes of the Copra Fund are to:

(1) promote and engage in any activity in connection with the production, grading, packing, processing, storing, shipping, warehousing, handling, and marketing of copra, and in the financing of such operations;

(2) purchase, sell, or deal in copra;

(3) borrow money to make advances to producers;

(4) see, discount or borrow money upon any commercial paper or negotiable instruments, promissory notes, warehouse receipts, mortgages, or any other property or security owned or under the control of the copra fund;

(5) act as the agent, representative or broker of any person, firm, or corporation in any of the above activities;

(6) buy, hold and exercise all privileges of ownership of such real or personal property as may be necessary or convenient for the conduct and operation of any of the business of the copra fund;

(7) do each and every thing necessary, suitable, or proper in the judgment of the board of directors of the copra fund for the accomplishment of any of the purposes or obtainment of the objects enumerated in this section or which shall at any time appear conducive or expedient for the interests of the copra fund or the producers of copra, and to contract accordingly.

History: 1962, PL 7-24