An association formed under this chapter may:
(1) borrow money for and lend money to its members;
(2) discount, rediscount, endorse, purchase, or sell notes, bills, or other evidences of indebtedness of its members that may be discounted or rediscounted under the rules prescribed by the Farm Credit Administration; and
(3) exercise the powers authorized by the general corporation laws of this state unless the law granting the power conflicts with this chapter.