N.D. Cent. Code § 10-15-32
This is the official text of N.D. Cent. Code § 10-15-32, part of North Dakota’s Cent. Code — part of the compiled statutory law of North Dakota, published by the state as "Cent. Code." Browse the sections below, each linked to its official government source.
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10-15-32. Disposition of assets - Right to secure debts
Official statutory text
10-15-32. Disposition of assets - Right to secure debts
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.
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.
Status: in_force · Read it on the official government site
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