NRS 81.505 Restriction on power of rural electric cooperatives to sell, lease or dispose of assets.
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NRS 81.505 Restriction on power of rural electric cooperatives to sell, lease or dispose of assets.
1. A rural electric cooperative formed or consolidated pursuant to NRS 81.410 to 81.540 , inclusive, may sell, lease or otherwise dispose of all or a substantial portion of its assets only if the sale, lease or disposition is:
(a)Authorized by the affirmative vote of not less than three-fourths of the directors of the cooperative; and
(b)Assented to by two-thirds of the members of the cooperative:
(1)In writing; or
(2)By a vote of the members at a meeting, notice of which has been given in the manner provided in NRS 82.336 .
2. As used in this section, “substantial portion of its assets” means any portion of the assets of a cooperative representing 25 percent or more of the total book value of all of its assets.