Section 7-58-1501 - Disposition of assets not requiring member approval

(1) Unless the articles of organization otherwise provide, member approval under section 7-58-1502 is not required for a limited cooperative association to:(a) Sell, lease, exchange, license, or otherwise dispose of all or any part of the assets of the association in the usual and regular course of business; or(b) Mortgage, pledge, dedicate to the repayment of indebtedness, or otherwise encumber in any way all or any part of the assets of the association, whether or not in the usual and regular course of business.L. 2011: Entire article added, (SB 11 -191), ch. 197, p. 811, § 1, effective 4/2/2012.