POWERS OF CORPORATION

The corporation may, consistent with the purposes of this chapter, exercise the powers of a nonprofit corporation created under the laws of this state, including the power to: (1) enter into a contract; (2) sue and be sued; (3) purchase, hold, lease, receive, use, encumber, transfer, lend, advance, or otherwise dispose of money or other property of any kind, or of any interest in money or other property; (4) take the capital stock and assets of a borrowing member association as collateral securing any loan it makes to that association; (5) hold or dispose of in any manner any collateral described by Subdivision (4) acquired as a result of default in the payment of a loan; (6) declare and pay a dividend or interest on a security issued under this chapter; (7) borrow money; and (8) perform any other necessary act to enable the corporation to effectively promote and carry out its purposes.