Section 17-20-1202 - Mortgage or Encumbrance of Assets of a Cooperative Utility

17-20-1202. Mortgage or encumbrance of assets of a cooperative utility. (a) The board of directors, without authorization by the members, shall have full power and authority: (i) To borrow monies from any source and in such amounts as the board may from time to time determine; and (ii) To mortgage or otherwise pledge or encumber any or all of the cooperative utility's properties or assets as security therefor.