47-25-26. Authorization of transfer by members--Two-thirds vote required.
84 words·~1 min read·
/sd/title-47/chapter-47-25/47-25-26A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
At the meeting required by § 47-25-25 the members may authorize the sale, lease, exchange, mortgage, pledge, or other disposition described by § 47-25-24 and may fix, or may authorize the board of directors to fix, any or all of the terms and conditions thereof and the consideration to be received by the corporation therefor. Such authorization shall require the vote of at least two - thirds of the votes entitled to be cast by members present or represented by proxy at such meeting.