274.220. Membership in other corporations — functions. — 1. An association may organize, form, operate, control, have an interest in, or be a member of a corporation or other entity and engage in preserving, drying, processing, canning, packing, storing, handling, shipping, utilizing, manufacturing, marketing or selling of the agricultural products handled by the association, or the by-products thereof.
2. If such corporations are warehousing corporations, they may issue legal warehouse receipts to the association against the commodities delivered 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.
3. In case such warehouse is licensed or licensed and bonded under the laws of this or any other state or the United States, its warehouse receipt delivered to the association on commodities of the association or its 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.
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(RSMo 1939 § 14353, A.L. 1996 H.B. 1237 merged with S.B. 521)
Prior revision: 1929 § 12695
---- end of effective 28 Aug 1996 ----
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