A mortgage or pledge of or other security interest in all or any part of the assets of a cooperative, whether or not in the usual and regular course of its business, may be made by authority of the board of trustees of the cooperative without authorization of the members, unless the articles of incorporation or bylaws shall specifically so require.
S.C. Code Ann. § 33-49-270
Mortgage or pledge of assets
Known as the Electric Cooperative Act
The act spans §§ 33–33 (70 sections).
1962 Code SECTION 12-1035.1; 1970 (56) 1967.
Official source: South Carolina Legislature. Reproduced from public-domain South Carolina statutes; confirm against the official source for the current text. Not legal advice.