Any mortgage, deed of trust, pledge or other hypothecation of all or any part of the corporation’s property, real or personal, for the purpose of securing the payment or performance of any contract or obligation may be approved by the board. Unless the articles or bylaws otherwise provide, no approval of the members (Section 5034) shall be necessary for such action.
Cal. Corp. Code § 7910
Sales of Assets
Known as the Nonprofit Mutual Benefit Corporation Law
The act spans §§ 7110–8910 (196 sections).
Added by Stats. 1978, Ch. 567.
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.