The Cooperative may not sell, lease or otherwise dispose of all or substantially all of its property or assets unless such sale, lease or other disposition is authorized at a meeting of the members by the affirmative vote of 2/3 of all members, and unless the notice of such proposed sale, lease or other disposition shall have been contained within a written or printed notice given to each member in the manner and within the time required by law.
The Board of Directors of the Cooperative, without authorization by the members, shall have full power and authority to authorize the execution and delivery of mortgage or mortgages or a deed or deeds of trust upon, or the pledging 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 there from, 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 any other lender.