Disposal of assets--Authorization by members--Notice and approval

Except as authorized by the members, the board of directors of a cooperative may not dispose of all or substantially all of the 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: (1) Notice that such disposition will be considered at such meeting has been given to all persons entitled to vote thereon; and (2) Such disposition has been approved by three - fourths of those voting at the meeting. Source: SDC 1939, § 11.1130 (1) as enacted by SL 1965, ch 23 , § 1.