{"data":{"id":"us-ok/okla.-stat.-tit.-18-18-437.20","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 18, § 18-437.20","heading":"Disposition of property","body":"A cooperative may not sell, mortgage, lease or otherwise dispose\n\nof or encumber all or any substantial portion of its property unless\n\nsuch sale, mortgage, lease, or other disposition or encumbrance is\n\nauthorized at a duly held meeting of the members thereof by the\n\naffirmative vote of not less than two-thirds of all of the members\n\nof the cooperative, and unless the notice of such proposed sale,\n\nmortgage, lease, or other disposition or encumbrance shall have been\n\ncontained in the notice of the meeting; provided, however, that\n\nnotwithstanding anything herein contained, or any other provisions\n\nof law, the board of trustees of a cooperative, without\n\nauthorization by the members thereof, shall have full power and\n\nauthority upon an affirmative vote of not less than two-thirds (2/3)\n\nof the board of trustees to authorize the execution and delivery of\n\na lease and leaseback transaction only where the board of trustees\n\ndetermines that such transaction will not impair the ability of the\n\ncooperative to use the assets as needed to serve the members;\n\nprovided, however, that such transactions shall apply only to the\n\nphysical assets of a cooperative and shall not be used to effect a\n\nsale or other disposition of the cooperative business entity itself;\n\nand further, shall have full power and authority to authorize the\n\nexecution and delivery of a mortgage or mortgages or a deed or deeds\n\nof trust upon, or the pledging or encumbering of, any or all of the\n\nproperty, assets, rights, privileges, licenses, franchises and\n\npermits of the cooperative, whether acquired or to be acquired, and\n\nwherever situated, as well as the revenues and income therefrom, all\n\nupon such terms and conditions as the board of trustees shall\n\ndetermine, to secure any indebtedness of the cooperative to the\n\nUnited States of America or any instrumentality or agency thereof or\n\nto any corporation or financial institution authorized to assist in\n\nthe credit and financial needs of rural electric cooperatives.","path":["OK Code","Title 18"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os18.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"e4f7a0a472eca2d7bbf688962470fad50b1a2359e25413829af9a67f67e2d66d","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-18-18-437.2","next":"us-ok/okla.-stat.-tit.-18-18-437.21"},"notice":"GroundRules: Original legal text. Not legal advice."}