§ 8-1-17-14 — Sale, encumbrance, or other disposition of property

A local cooperative corporation may not sell,
lease, exchange, mortgage, pledge, or otherwise sell all, or substantially
all, of its property unless the transaction is authorized by a resolution
duly adopted at a meeting of the corporation's members duly called and
held as provided in section 9 of this chapter. The resolution must
receive the affirmative vote of at least three-fourths (3/4) of the total
number of the corporation's members who either:
(1) are present in person and voting at the meeting; or
(2) as authorized under section 9(g) of this chapter, cast a vote
before the date of the meeting;
and the affirmative vote of at least three-fourths (3/4) of the
corporation's directors who are present at a meeting of the board of
directors duly called and held as provided in the corporation's bylaws.
Formerly: Acts 1951, c.193, s.14. As amended by P.L.59-1984,
SEC.78; P.L.27-2006, SEC.44; P.L.49-2018, SEC.6.