No corporation may sell, mortgage, lease or otherwise encumber ordispose of any of its property (other than merchandise and property which liewithin the limits of an incorporated city or town, or which shall represent notin excess of ten percent (10%) of the total value of the corporation's assets,or which in the judgment of the board are not necessary or useful in operatingthe corporation) unless
(1) Authorized so to do by the votes cast in person or by proxyby at least two‑thirds of its total membership, and
(2) The consent of the holders of seventy‑five per centum(75%) in amount of the bonds of such corporation then outstanding is obtained.
Notwithstanding the foregoing provisions of this section, the membersof such a corporation may, by the affirmative majority of the votes cast inperson or by proxy at any meeting of the members, delegate to the board ofdirectors the power and authority (i) to borrow moneys from any source and insuch amounts as the board may from time to time determine, (ii) to mortgage orotherwise pledge or encumber any or all of the corporation's property or assetsas security therefor, and (iii) with respect to Electric MembershipCorporations only, to sell and lease back any of the corporation's property orassets. (1935, c. 291, s. 15;1965, c. 287, s. 13; 1969, c. 670, s. 1; 1987, c. 448, s. 1; 1997‑346, s.4; 1999‑111, s. 1; 2003-24, s. 1.)
No corporation may sell, mortgage, lease or otherwise encumber ordispose of any of its property (other than merchandise and property which liewithin the limits of an incorporated city or town, or which shall represent notin excess of ten percent (10%) of the total value of the corporation's assets,or which in the judgment of the board are not necessary or useful in operatingthe corporation) unless
(1) Authorized so to do by the votes cast in person or by proxyby at least two‑thirds of its total membership, and
(2) The consent of the holders of seventy‑five per centum(75%) in amount of the bonds of such corporation then outstanding is obtained.
Notwithstanding the foregoing provisions of this section, the membersof such a corporation may, by the affirmative majority of the votes cast inperson or by proxy at any meeting of the members, delegate to the board ofdirectors the power and authority (i) to borrow moneys from any source and insuch amounts as the board may from time to time determine, (ii) to mortgage orotherwise pledge or encumber any or all of the corporation's property or assetsas security therefor, and (iii) with respect to Electric MembershipCorporations only, to sell and lease back any of the corporation's property orassets. (1935, c. 291, s. 15;1965, c. 287, s. 13; 1969, c. 670, s. 1; 1987, c. 448, s. 1; 1997‑346, s.4; 1999‑111, s. 1; 2003-24, s. 1.)
No corporation may sell, mortgage, lease or otherwise encumber ordispose of any of its property (other than merchandise and property which liewithin the limits of an incorporated city or town, or which shall represent notin excess of ten percent (10%) of the total value of the corporation's assets,or which in the judgment of the board are not necessary or useful in operatingthe corporation) unless
(1) Authorized so to do by the votes cast in person or by proxyby at least two‑thirds of its total membership, and
(2) The consent of the holders of seventy‑five per centum(75%) in amount of the bonds of such corporation then outstanding is obtained.
Notwithstanding the foregoing provisions of this section, the membersof such a corporation may, by the affirmative majority of the votes cast inperson or by proxy at any meeting of the members, delegate to the board ofdirectors the power and authority (i) to borrow moneys from any source and insuch amounts as the board may from time to time determine, (ii) to mortgage orotherwise pledge or encumber any or all of the corporation's property or assetsas security therefor, and (iii) with respect to Electric MembershipCorporations only, to sell and lease back any of the corporation's property orassets. (1935, c. 291, s. 15;1965, c. 287, s. 13; 1969, c. 670, s. 1; 1987, c. 448, s. 1; 1997‑346, s.4; 1999‑111, s. 1; 2003-24, s. 1.)
