A cooperative shall have power to borrow money and otherwise contract indebtedness, and to issue notes, bonds, and other evidences of indebtedness, and to secure the payment thereof by mortgage, pledge, or deed of trust of, or any other encumbrance upon, any or all of its then owned or after-acquired real or personal property, assets, franchises, or revenues.
S.D. Codified Laws § 47-21-65
Powers of cooperative--Borrowing--Security for borrowing
Known as the Electric Cooperative Law
The act spans §§ 47–47 (92 sections).
Source: SL 1947, ch 33, § 4; SDC Supp 1960, § 11.2204 (7).
Official source: South Dakota Legislature. Reproduced from public-domain South Dakota statutes; confirm against the official source for the current text. Not legal advice.