§ 61 — Disposition of property

§ 61. Disposition of property. (a) The board of directors of a\ncooperative shall have full power and authority, without authorization\nby the members thereof, to authorize the execution and delivery of a\nmortgage or mortgages or a deed or deeds of trust of, or the pledging or\nencumbering of, any or all of the property, assets, rights, privileges,\nlicenses, franchises and permits of the cooperative, whether acquired or\nto be acquired, and wherever situated, as well as the revenues and\nincome therefrom, all upon such terms and conditions as the board of\ndirectors shall determine. Any such mortgage or mortgages or deed or\ndeeds of trust or other instruments shall be exempt from the mortgage\nrecording taxes imposed by article eleven of the tax law.\n (b) A cooperative may not otherwise sell, mortgage, lease or otherwise\ndispose of or encumber all or a substantial portion of its property\nunless such sale, mortgage, lease or other disposition or encumbrance is\nauthorized by the affirmative vote of not less than two-thirds of the\ntotal members of the cooperative.\n