A local cooperative corporation may not sell, lease, exchange, mortgage, pledge, or otherwise sell all, or substantially all, of its property unless the transaction is authorized by a resolution duly adopted at a meeting of the corporation's members duly called and held as provided in section 9 of this chapter. The resolution must receive the affirmative vote of at least three-fourths (3/4) of the total number of the corporation's members who either:(1) are present in person and voting at the meeting; or(2) as authorized under section 9(g) of this chapter, cast a vote before the date of the meeting;and the affirmative vote of at least three-fourths (3/4) of the corporation's directors who are present at a meeting of the board of directors duly called and held as provided in the corporation's bylaws.Formerly: Acts 1951, c.193, s.14. As amended by P.L.59-1984, SEC.78; P.L.27-2006, SEC.44; P.L.49-2018, SEC.6.
Indiana Legal Code