Code of Virginia § 56-496. Disposition of property.
153 words·~1 min read·
/va/title-56/chapter-16/56-496A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
No cooperative may sell, lease or dispose of any of its property other than property which, in the judgment of the board, is neither necessary nor useful in operating or maintaining the cooperative's system and which in any one year shall not exceed ten per centum in value of the value of all the property of the cooperative, unless authorized so to do by the votes of at least a two-thirds majority of its members; provided, however, that a cooperative:
(i)may mortgage or otherwise encumber its assets by a vote of at least two-thirds of its board of directors; or
(ii)may sell or transfer its assets to another cooperative upon the vote of a majority of its members at any regular or special meeting if the notice of such meeting contains a copy of the terms of the proposed sale or transfer.
1950, p. 593; 1956, c. 434; 1979, c. 103.