The board of directors of a cooperative shall have full power to authorize the execution and delivery of a mortgage or mortgages or a deed or deeds of trust of, or the pledging 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 therefrom, all upon such terms and conditions as the board of directors shall determine, to secure any indebtedness of the cooperative to United States of America or any agency or instrumentality thereof or any other lender.
S.D. Codified Laws § 47-21-44
Encumbering cooperative property in favor of governmental agency permitted
Known as the Electric Cooperative Law
The act spans §§ 47-21-1 to 47-21-9 (92 sections).
Source: SL 1947, ch 33, § 24; SDC Supp 1960, § 11.2224 (1); SL 1971, ch 259, § 1.
Official source: South Dakota Legislature. Reproduced from public-domain South Dakota statutes; confirm against the official source for the current text. Not legal advice.