N.Y. Rural Electric Cooperative Law § 61: Disposition of property

§ 61. Disposition of property. (a) The board of directors of a

cooperative shall have full power and authority, without authorization

by the members thereof, 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 and

income therefrom, all upon such terms and conditions as the board of

directors shall determine. Any such mortgage or mortgages or deed or

deeds of trust or other instruments shall be exempt from the mortgage

recording taxes imposed by article eleven of the tax law.

(b) A cooperative may not otherwise sell, mortgage, lease or otherwise

dispose of or encumber all or a substantial portion of its property

unless such sale, mortgage, lease or other disposition or encumbrance is

authorized by the affirmative vote of not less than two-thirds of the

total members of the cooperative.