17-4624.   Disposition of property.(a) The board of trustees of a cooperative shall have full power andauthority, without authorization by the members thereof, to authorize theexecution and delivery of a mortgage or mortgages or a deed or deeds oftrust of, or the pledging or encumbering of, any or all of the property,assets, rights, privileges, licenses, franchises and permits of thecooperative, whether acquired or to be acquired, and wherever situated, aswell as the revenues and income therefrom, all upon such terms andconditions as the board of trustees shall determine, to secure anyindebtedness of the cooperative.

      (b)   A cooperative may not otherwise sell, mortgage, lease or otherwisedispose of or encumber all or a substantial portion of its property unlesssuch sale, mortgage, lease or other disposition or encumbrance isauthorized by the affirmative vote of not less than a majority of all themembers of the cooperative.

      History:   L. 1941, ch. 185, § 24; L. 1970, ch. 93, §1; July 1.