992 ARTICLE 23

(c) To act as agent or representative of any member or members in
any of the above-mentioned activities.

(d) To purchase or otherwise acquire, and to hold, own and exercise
all rights of ownership in, and to sell, transfer, or pledge shares of the
capital stock or bonds of any corporation or association organized under
this sub-title.

(e) To establish reserves and to invest the funds thereof in bonds or
such other property as may be provided in the by-laws.

(f) To buy, hold and exercise all privileges of ownership, over such
real or personal property as may be necessary or convenient for the con-
ducting and operation of any of the business of the association or incidental
thereto.

(g) To sue and be sued, complain and defend in all courts.

(h) To do each and everything necessary, suitable or proper for the
accomplishment of any one of the purposes or the attainment of any one
or more of the objects herein enumerated; and to contract accordingly;
and in addition to exercise and possess all powers, rights and privileges
necessary or incidental to the purposes for which the association is
organized or to the activities in which it is engaged; and in addition any
other rights, powers and privileges granted by the laws of this State to
ordinary corporations, except such as are inconsistent with the express
provisions of this Act; and to do any such thing anywhere.

This section does not exempt co-operative associations from the requirements of
art. 56, secs. 311-322, as to obtaining permit from the Public Service Commission for
the transportation of freight for hire. Parlett, etc., v. Tidewater Lines, 164 Md. 419.

This section referred to in construing art. 56, secs. 311-322. See notes thereto. Co-
operative Co. v. Pub. Serv. Commn., 168 Md. 97.

An Code, 1924, sec. 426. 1922, ch. 197, sec. 476.

438. Any association incorporated under this sub-title may become a
member or stockholder of any other association or associations organized
hereunder.

An. Code. 1924, sec. 427. 1922. ch. 197, sec. 477.

439. Any association incorporated under this sub-title, may upon reso-
lution adopted by its board of directors, enter into all necessary and proper
contracts and agreements with any other corporation, association or associa-
tions formed in this or in any other state on a cooperative basis for the
carrying on of its business, or any part thereof. Any two or more such
associations may, by agreement between them, unite in employing and
using or may separately employ and use the same methods, means and
agencies for carrying on and conducting their respective business.

An. Code, 1924, sec. 428. 1922, ch. 197, sec. 478.

440. Each association incorporated under this sub-title must, within
thirty (30) days after its incorporation, adopt, for its government and
management a code of by-laws not inconsistent with the powers granted by
this sub-title. A majority vote of the members or stockholders, or their
written assent, is necessary to adopt, alter or amend such by-laws.

An. Code, 1924, sec. 429. 1922, ch. 197, sec. 479.

441. The affairs of the association shall be managed by a board of not
less than five directors at least two of whom shall be residents of the State
of Maryland and who shall be elected by the members or stockholders