(a) A marketing association may organize, operate, own, control, have an interest
in, own stock of, or be a member of any other corporation, organized with or without
capital stock, that is engaged in preserving, drying, pressing, canning, packing,
storing, handling, shipping, using, manufacturing, marketing, or selling agricultural
products handled by the association or the by-products of those products.
(b) If a corporation described by Subsection (a) of this section is a warehousing
corporation, it may issue a legal warehouse receipt to the association or to any person. The receipt is adequate collateral limited to the current value of the commodity
represented by the receipt. If a warehouse is licensed or licensed and bonded under the laws of this state or
of the United States, its warehouse receipts may not be challenged or discriminated
against because of the association's total or partial ownership or control of it.
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