North Dakota Code 10-15-32 – Disposition of assets – Right to secure debts
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1. Except as authorized by the members, the board may not dispose of all or substantially all of a cooperative’s fixed assets. At any meeting the members may authorize the disposition of all or substantially all of a cooperative’s fixed assets if:
Terms Used In North Dakota Code 10-15-32
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Property: includes property, real and personal. See North Dakota Code 1-01-49
a. Notice that such disposition will be considered at such meeting has been given to all persons entitled to vote thereon.
b. Such disposition has been approved by three-fourths of those voting at the meeting.
2. Unless the bylaws provide otherwise, the board may secure payment of a cooperative’s debts by mortgaging the cooperative’s rights, privileges, authority and franchises, revenues, and other property.