Nevada § 81.505 Restriction on power of rural electric cooperatives to sell, lease or dispose of assets

Nevada Statutes

§ 81.505 — Restriction on power of rural electric cooperatives to sell, lease or dispose of assets

Nevada·Title 7 BUSINESS ASSOCIATIONS; SECURITIES; COMMODITIES·Ch. 81 Miscellaneous· NONPROFIT COOPERATIVE CORPORATIONS WITHOUT STOCK

1. A rural electric cooperative formed or consolidated pursuant to NRS 81.410 to 81.540 , inclusive, may sell, lease or otherwise dispose of all or a substantial portion of its assets only if the sale, lease or disposition is:

(a)Authorized by the affirmative vote of not less than three-fourths of the directors of the cooperative; and

(b)Assented to by two-thirds of the members of the cooperative:

(1)In writing; or

(2)By a vote of the members at a meeting, notice of which has been given in the manner provided in NRS 82.336 . 2. As used in this section, “substantial portion of its assets” means any portion of the assets of a cooperative representing 25 percent or more of the total book value of all of its assets.

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1. A rural electric cooperative formed or consolidated pursuant to NRS 81.410 to 81.540 , inclusive, may sell, lease or otherwise dispose of all or a substantial portion of its assets only if the sale, lease or disposition is:
(a) Authorized by the affirmative vote of not less than three-fourths of the directors of the cooperative; and
(b) Assented to by two-thirds of the members of the cooperative:
(1) In writing; or
(2) By a vote of the members at a meeting, notice of which has been given in the manner provided in NRS 82.336 .
2. As used in this section, “substantial portion of its assets” means any portion of the assets of a cooperative representing 25 percent or more of the total book value of all of its assets.

Nevada § 81.505 (Restriction on power of rural electric cooperatives to sell, lease or dispose of assets) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.