Section 5
SECTION. 5. Agricultural credit cooperative associations may, upon incorporation, engage in the following operations: (a) Extend credit to the members of the association : 1. For the expenses of securing title to, and the registration of, their land under Act Numbered Four hundred and ninety-six, and for purchasing and securing title to new agricultural land; 2. For the purchase of live stock, fertilizers, preparations for the destruction of pests of various kinds, seeds, machinery, or implements which the borrower shall use for agricultural purposes exclusively; 3. For the redemption of incumbrances on agricultural lands; 4. For the cultivation and improvement of such lands; 5. For the expenses in connection with the planting, cultivation, harvesting, or care of any agricultural crop or product, or storage and housing until sold or marketed; 6. Upon gathered products stored in a safe place and at the disposal of the association in a sum not to exceed fifty per centum of the fair market value of such gathered products; 7. For the construction, repair, and maintenance of works for irrigation or drainage of land. (b) Open credits in current account, with interest, with the members of the association. (c) Acquire or purchase seeds, fertilizers, preparations for the destruction of pests of various kinds, machinery, live stock, and agricultural implements of any kind and sell the same to the members of the association. (d) Contract loans and receive deposits in order to increase their working and circulating capital. CREDITS.