Arizona Laws 10-2134. Disposition of property
A. The board of directors of a generation and transmission cooperative may, without authorization by the members, authorize the execution and delivery of mortgages or deeds of trust pledging or encumbering any or all of the property, assets, rights, privileges, licenses, franchises and permits of the generation and transmission cooperative, whether acquired or to be acquired, and wherever situated, as well as their revenues, all upon terms and conditions as the board of directors determines, to secure any indebtedness of the generation and transmission cooperative. Any such mortgages or deeds of trust are exempt from the mortgage recording tax.
Terms Used In Arizona Laws 10-2134
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Board of directors: means the group of persons vested with the management of the affairs of the corporation irrespective of the name by which the group is designated and includes the governing body or bodies of a water users' association if the articles of incorporation of the water users' association provide for a governing body or bodies denominated other than as a board of directors. See Arizona Laws 10-140
- Delegates: means those persons elected or appointed to vote in a representative assembly for the election of a director or directors or on other matters. See Arizona Laws 10-3140
- Delivery: means actual receipt by the person or entity to which directed and for electronic transmissions means receipt as described in section 44-7015, subsection B. See Arizona Laws 10-140
- Generation and transmission cooperative: means a corporation that is organized under this article or that becomes subject to this article as provided in this article. See Arizona Laws 10-2121
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Property: includes both real and personal property. See Arizona Laws 1-215
- Vote: includes authorization by written ballot and written consent. See Arizona Laws 10-3140
B. A generation and transmission cooperative may not sell, lease or otherwise dispose of all or a substantial portion of its property unless the sale, lease or other disposition is authorized by the affirmative vote of not less than a majority of those members of the generation and transmission cooperative, acting through their voting delegates, present at a meeting of the members.