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·Title 10 Corporations·Ch. 10-15 Cooperative Associations

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.

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