69-14-556. Authorization to borrow money and secure payment.
69-14-556. Authorization to borrow money and secure payment. Any corporation organized under this part:
(1) shall have power to borrow money on the credit of the corporation to an amount not exceeding its authorized capital stock, at a rate of interest to be agreed upon by the respective parties; and
(2) may execute bonds therefor in sum of not less than $100 and secure the payment thereof by mortgage or pledge of the property and income of such corporation.
History: En. Sec. 14, p. 102, Ex. L. 1873; re-en. Sec. 312, 5th Div. Rev. Stat. 1879; re-en. Sec. 691, 5th Div. Comp. Stat. 1887; re-en. Sec. 899, Civ. C. 1895; re-en. Sec. 4280, Rev. C. 1907; re-en. Sec. 6513, R.C.M. 1921; re-en. Sec. 6513, R.C.M. 1935; amd. Sec. 11-148, Ch. 264, L. 1963; R.C.M. 1947, 72-211.