West Virginia Code 19-4-22 – Interest in other corporations or associations; warehouse receipts as collateral
(a) An association may organize, form, operate, own, control, have an interest in, own stock of, or be a member of any other corporation or corporations, with or without capital stock, and engaged in qualified activities regarding the agricultural products, goods and services handled by the association, or the by-products thereof.
Terms Used In West Virginia Code 19-4-22
- Agricultural products: means horticultural, viticultural, forestry, dairy, livestock, poultry, bee, and any farm products in their natural form or processed. See West Virginia Code 19-4-1
- association: means any corporation organized under this article. See West Virginia Code 19-4-1
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Goods and services: means food and beverages, arts and crafts, woodworking and furniture-making, and recycling, composting and repurposing materials. See West Virginia Code 19-4-1
- Member: means a member of an association without capital stock and a holder of common stock in an association organized with capital stock. See West Virginia Code 19-4-1
- State: when applied to a part of the United States and not restricted by the context, includes the District of Columbia and the several territories, and the words "United States" also include the said district and territories. See West Virginia Code 2-2-10
(b) If such corporations are warehousing corporations, they may issue legal warehouse receipts to the association against the commodities, goods and services 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. 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.