Sec. 33-236. Disposition of property.
Sec. 33-236. 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 determines, to secure any indebtedness of the cooperative to the United States of America or any agency or instrumentality thereof.
(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.
(1949 Rev., S. 5344.)