17-4624. Disposition of property.
17-4624
17-4624. Disposition of property.
(a) The board of trustees of a cooperative shall have full power and
authority, without authorization by the members thereof, to authorize the
execution and delivery of a mortgage or mortgages or a deed or deeds of
trust of, or the pledging or encumbering of, any or all of the property,
assets, rights, privileges, licenses, franchises and permits of the
cooperative, whether acquired or to be acquired, and wherever situated, as
well as the revenues and income therefrom, all upon such terms and
conditions as the board of trustees shall determine, to secure any
indebtedness of the cooperative.
(b) A cooperative may not otherwise sell, mortgage, lease or otherwise
dispose of or encumber all or a substantial portion of its property unless
such sale, mortgage, lease or other disposition or encumbrance is
authorized by the affirmative vote of not less than a majority of all the
members of the cooperative.
History: L. 1941, ch. 185, § 24; L. 1970, ch. 93, §
1; July 1.