N.D. Cent. Code § 10-15-32: Disposition of assets - Right to secure debts

1.Except as authorized by the members, the board may not dispose of all or substantially all of a cooperative's fixed assets. At any meeting the members may authorize the disposition of all or substantially all of a cooperative's fixed assets if:

a.Notice that such disposition will be considered at such meeting has been given to all persons entitled to vote thereon.

b.Such disposition has been approved by three-fourths of those voting at the meeting.

2.Unless the bylaws provide otherwise, the board may secure payment of a cooperative's debts by mortgaging the cooperative's rights, privileges, authority and franchises, revenues, and other property.