81.505 - Restriction on power of rural electric cooperatives to sell, lease or dispose of assets. - Nevada Statutes

81.505  Restriction on power of rural electric cooperatives to sell, lease or dispose of assets.

      1.  A rural electric cooperative formed or consolidated pursuant to NRS 81.410 to 81.540, inclusive, may sell, lease or otherwise dispose of all or a substantial portion of its assets only if the sale, lease or disposition is:

      (a) Authorized by the affirmative vote of not less than three-fourths of the directors of the cooperative; and

      (b) Assented to by two-thirds of the members of the cooperative:

             (1) In writing; or

             (2) By a vote of the members at a meeting, notice of which has been given in the manner provided in NRS 82.336.

      2.  As used in this section, “substantial portion of its assets” means any portion of the assets of a cooperative representing 25 percent or more of the total book value of all of its assets.

      (Added to NRS by 1987, 770; A 1989, 528; 1991, 1252)