Powers of Cooperatives.
Section 4
SEC. 4. Powers of Cooperatives. — Cooperatives shall have the following powers: (a) To exercise the same rights and privileges given to persons, partnerships and corporations provided under existing laws; (b) To establish and operate business enterprises of all kinds as their needs dictate and their capabilities allow subject to the provisions of existing laws; (c) To establish rural banks under the Rural Bank Act and/or to purchase government held preferred shares of rural banks which may be converted to voting common stocks, under the rules and regulations to be promulgated by the Monetary Board of the Central Bank and the Agrarian Reform Fund Commission; (d) To enjoy all the privileges and incentives granted by the NACIDA Act and those granted by all government agendas to business organizations under existing laws, provided that all requirements are met; (e) To petition the Government to expropriate idle urban or rural lands for agricultural production, cottage industry, business or housing purposes; and (f) To own and dispose of property, to enter into contract, to sue or be sued, and to do and perform such other acts as may be necessary in the pursuit of its objectives.