North Dakota § 10-15-32 Disposition of assets - Right to secure debts

North Dakota Statutes

§ 10-15-32 — Disposition of assets - Right to secure debts

North Dakota § 10-15-32

Title 10Corporations

Ch. 10-15Cooperative Associations

This text of North Dakota § 10-15-32 (Disposition of assets - Right to secure debts) is published on Counsel Stack Legal Research, covering North Dakota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.D. Cent. Code § 10-15-32 (2026).

Text

1.Except as authorized by the members, the board may not dispose of all or substantially all of a cooperative's fixed assets. At any meeting the members may authorize the disposition of all or substantially all of a cooperative's fixed assets if:

a.Notice that such disposition will be considered at such meeting has been given to all persons entitled to vote thereon.

b.Such disposition has been approved by three-fourths of those voting at the meeting.

2.Unless the bylaws provide otherwise, the board may secure payment of a cooperative's debts by mortgaging the cooperative's rights, privileges, authority and franchises, revenues, and other property.

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1. Except as authorized by the members, the board may not dispose of all or
substantially all of a cooperative's fixed assets. At any meeting the members may
authorize the disposition of all or substantially all of a cooperative's fixed assets if:
a. Notice that such disposition will be considered at such meeting has been given to
all persons entitled to vote thereon.
b. Such disposition has been approved by three-fourths of those voting at the
meeting.
2. Unless the bylaws provide otherwise, the board may secure payment of a
cooperative's debts by mortgaging the cooperative's rights, privileges, authority and
franchises, revenues, and other property.