A mortgage or pledge of or other security interest in all or any part of the assets of a cooperative, whether or not in the usual and regular course of its business, may be made by authority of the board of trustees of the cooperative without authorization of the members, unless the articles of incorporation or bylaws shall specifically so require. HISTORY: 1962 Code Section 12-1035.1; 1970 (56) 1967.
South Carolina Legal Code