A mortgage or pledge of or other security interest in all or any part of the assets of a telephone cooperative, whether or not in the usual and regular course of business, may be made by authority of the board of directors of the telephone cooperative without authorization of the members, unless the articles of incorporation or bylaws require otherwise.
S.C. Code Ann. § 33-46-340
Authority to mortgage or pledge of security of assets
Known as the Telephone Cooperative Act
The act spans §§ 33–33 (51 sections).
1994 Act No. 392, SECTION 1.
Official source: South Carolina Legislature. Reproduced from public-domain South Carolina statutes; confirm against the official source for the current text. Not legal advice.