Section 47-18-10 - Mortgaging assets to secure payment of debts

47-18-10. Mortgaging assets to secure payment of debts.Unless the bylaws of a cooperative provide otherwise, the board of directors may secure payment of a cooperative's debts by mortgaging the cooperative's rights, privileges, authority and franchises, revenues, and other property. Source: SDC 1939, §11.1130 (2) as enacted by SL 1965, ch 23, §1.