MARVIN MANDEL, Governor

1911

(5) Act as an agent for or representative of any
member OR NONMEMBER PATRON in any activity listed in
items (1) through (4) of this section;

(6)  Deposit or invest surplus funds in:

(i) [Obligations of the United States, the
State, or any county or municipality of the State] DIRECT
AND INDIRECT OBLIGATIONS OF THE UNITED STATES, ANY OTHER
GOVERNMENT, STATE, TERRITORY, GOVERNMENT DISTRICT, AND
MUNICIPALITY, AND ANY INSTRUMENTALITY OF THEM;

(ii) Any Maryland banking institution, or any
national bank located in a state in which the cooperative
has members; and

(iii) Shares or certificates of deposit of any
insured savings and loan association permitted to do
business in the State;

(7)    Buy or otherwise acquire, hold, own, and
exercise all rights of ownership in and sell, transfer,
or pledge shares of the capital stock or bonds of any
cooperative or any corporation or association engaged in
any related activity, including the financing of the
activities of cooperatives;

(8)  Establish and accumulate reserves and surplus to
capital and any other funds authorized by its charter or
bylaws;

(9)   Buy, hold, and exercise every privilege of
ownership over any real or personal property necessary or
convenient for or incidental to the conduct and operation
of the business of the cooperative;

(10)  Sue, be sued, complain, and defend in all
courts;

(11)   Issue stock of any class authorized by its
charter;

(12)  Issue certificates of indebtedness;

(13)   Provide by contract with its members or
NONMEMBER patrons that any money due from the cooperative
to them may be retained as necessary:

(i) To pay dividends on preferred stock or
interest on certificates of indebtedness; and

(ii) To be used to retire the stock or
certificates of indebtedness;

(14) Issue to each NONMEMBER patron a certificate or
other evidence of his equity in any fund, capital
investment, or other assets of the cooperative, which
certificate or other evidence of equity may be