☰ Revisor of Missouri


Chapter 394

< > Effective - 28 Aug 1971    bottom

  394.180.  Sale of property by cooperative — membership approval required. — 1.  A cooperative may not sell, lease or otherwise dispose of, except by mortgage, or deeds of trust, all or any substantial portion of its property unless such sale, lease, or other disposition is authorized at a duly held meeting of the members thereof by the affirmative vote of not less than two-thirds of all of the members of the cooperative, and unless the notice of such proposed sale, lease or other disposition shall have been contained in the notice of the meeting.

  2.  Notwithstanding any other provisions of law, the board of directors of a cooperative, without authorization by the members thereof, shall have full power and authority to authorize the execution and delivery of a mortgage or mortgages or a deed or deeds of trust upon, or the pledging or encumbering of, any or all of the property, assets, rights, privileges, licenses, franchises and permits of the cooperative, whether acquired or to be acquired, and wherever situated, as well as the revenues and income therefrom, all upon such terms and conditions as the board of directors shall determine, to secure any indebtedness of the cooperative to the United States of America or any instrumentality or agency thereof, or to any bank or other financial institution or organization.


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

---- end of effective  28 Aug 1971 ----

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