Disposition of assets - Right to secure debts

N.D. Cent. Code § 10-15-32
in effect
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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.
Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://ndlegis.gov/cencode/t10c15.pdf#nameddest=10-15-32Fetched: 10/16/2026

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