New Mexico § 62-15-21 - Disposition of property

§ 62-15-21. Disposition of property

A cooperative may not sell, convey, lease, exchange, transfer or otherwise dispose

of all or any substantial portion of its property unless such sale, conveyance, lease,

exchange, transfer 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; provided,

however, that notwithstanding anything herein contained, or any other provisions of

law, the board of trustees 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, assignment

for security purposes 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 trustees shall determine, to secure

any indebtedness of the cooperative.