The Cooperative may not sell, mortgage, lease, or otherwise dispose of or encumber any substantial portion of its property unless such sale, mortgage, lease, or other disposition or encumbrance is authorized at a meeting of the members thereof by the affirmative vote of not less than two thirds of all of the members of the Cooperative, and unless the notice of such proposed sale, mortgage, lease, or other disposition or encumbrance shall have been contained in the notice of the meeting. However, notwithstanding anything herein contained, or any other provisions of law, the board of the Cooperative, without authorization by the members thereof, shall have full power and authority to authorize the execution and delivery of a mortgage or mortgages or deed or deeds of trust upon, or the pledging or encumbrance of any of the property, assets, rights, privileges, licenses, franchises and permits of the Cooperative, whether acquired, or to be acquired, and wherever situated, as well as the revenue and income there from, all upon such terms and conditions as the board shall determine, to secure any indebtedness of the Cooperative to the United States or any instrumentality or agency thereof, to any person, corporation, financing institution, or entity lending money to the Cooperative.
