§ 23-17-231 - Mortgage, pledge, or other disposition of property.
23-17-231. Mortgage, pledge, or other 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 leases, mortgages, or deeds of trust of, or by pledge or encumbering of, any or all of the property, assets, rights, privileges, licenses, franchises, and permits of the cooperative whether already acquired or to be acquired, and wherever situated, as well as the revenues thereof, all upon such terms and conditions as the board of directors shall determine, to secure any indebtedness of the cooperative to the United States or any agency or instrumentality thereof or to acquire another cooperative formed and operated under this subchapter.
(b) A cooperative may not sell or otherwise dispose of all or a substantial portion of its property unless the sale or other disposition is authorized by the affirmative vote of not less than two-thirds (2/3) of all the members of the cooperative.