(1) Unless the articles of organization otherwise provide, member approval under section 7-58-1502 is not required for a limited cooperative association to:
(a) Sell, lease, exchange, license, or otherwise dispose of all or any part of the assets of the association in the usual and regular course of business; or
(b) Mortgage, pledge, dedicate to the repayment of indebtedness, or otherwise encumber in any way all or any part of the assets of the association, whether or not in the usual and regular course of business.
Source: L. 2011: Entire article added, (SB 11-191), ch. 197, p. 811, � 1, effective April 2, 2012.
7-58-1502. Member approval of other disposition or encumbrance of assets. A sale, lease, exchange, license, or other disposition of assets or an encumbrance of assets of a limited cooperative association, other than a disposition or encumbrance described in section 7-58-1501, requires approval of the association's members under sections 7-58-1503 and 7-58-1504.
Source: L. 2011: Entire article added, (SB 11-191), ch. 197, p. 811, � 1, effective April 2, 2012.