17-4670. Disposition of property.
17-4670
17-4670. Disposition of property.
(a) The board of directors 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 directors 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. 2003, ch. 81, § 20; July 1.