{"data":{"id":"us-ok/okla.-stat.-tit.-18-18-438.24","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 18, § 18-438.24","heading":"Mortgages, deeds of trust or pledges - Sale, lease,","body":"etc.\n\nA. The board of trustees of a cooperative shall have full power\n\nand authority, without authorization by the members thereof, to\n\nauthorize the execution and delivery of a mortgage or mortgages or a\n\ndeed or deeds of trust of, or the pledging or encumbering of, any or\n\nall of the property, assets, rights, privileges, licenses,\n\nfranchises and permits of the cooperative, whether acquired or to be\n\nacquired, and wherever situated, as well as the revenues therefrom,\n\nall upon such terms and conditions as the board of trustees shall\n\ndetermine, to secure any indebtedness of the cooperative to United\n\nStates of America or any agency or instrumentality thereof or to any\n\ncorporation or financial institution permitted to assist in the\n\ncredit and financial needs of rural telephone cooperative\n\ncorporations.\n\nB. A cooperative may not otherwise sell, mortgage, lease or\n\notherwise dispose of or encumber all or a substantial portion of its\n\nproperty unless such sale, mortgage, lease or other disposition or\n\nencumbrance is authorized by the affirmative vote of not less than\n\ntwo thirds (2/3) of all the members of the cooperative; provided,\n\nhowever, that notwithstanding any other provision of Section 438.1\n\net seq. of this title, or any other provision of law, the board of\n\ntrustees may, upon the authorization of a majority of those members\n\nof the cooperative present at a meeting of the members thereof, the\n\nnotice of which shall have set forth the proposed action, sell,\n\nlease or otherwise dispose of all or a substantial portion of its\n\nproperty to another cooperative pursuant to this act or to the\n\nholder or holders of any notes, bonds or other evidences of\n\nindebtedness to United States of America or any agency or\n\ninstrumentality thereof or to any corporation or financial\n\ninstitution permitted to assist in the credit and financial needs of\n\nrural telephone cooperative corporations.","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":"ca961ec1970dc595a5b1cfd5a5a2790a7b2f09452be26490df52fac12650475e","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-18-18-438.23","next":"us-ok/okla.-stat.-tit.-18-18-438.25"},"notice":"GroundRules: Original legal text. Not legal advice."}