394.180. Sale of property by cooperative--membership approval required. - Missouri Statutes

Sale of property by cooperative--membership approval required.

394.180. 1. A cooperative may not sell, lease or otherwisedispose of, except by mortgage, or deeds of trust, all or anysubstantial portion of its property unless such sale, lease, orother disposition is authorized at a duly held meeting of themembers thereof by the affirmative vote of not less thantwo-thirds of all of the members of the cooperative, and unlessthe notice of such proposed sale, lease or other dispositionshall have been contained in the notice of the meeting.

2. Notwithstanding any other provisions of law, the board ofdirectors of a cooperative, without authorization by the membersthereof, shall have full power and authority to authorize theexecution and delivery of a mortgage or mortgages or a deed ordeeds of trust upon, or the pledging or encumbering of, any orall of the property, assets, rights, privileges, licenses,franchises and permits of the cooperative, whether acquired or tobe acquired, and wherever situated, as well as the revenues andincome therefrom, all upon such terms and conditions as the boardof directors shall determine, to secure any indebtedness of thecooperative to the United States of America or anyinstrumentality or agency thereof, or to any bank or otherfinancial institution or organization.

(RSMo 1939 § 5406, A.L. 1971 H.B. 126)