Iowa Code § 501.603

Sale of assets
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1. A cooperative may, on the terms and conditions and for the consideration determined by the board, mortgage, pledge, or otherwise encumber any or allof its property. 2. A cooperative may sell, lease, exchange, or otherwise dispose of all, or substantially all,of its property, with or without the goodwill, on the terms and conditions and for the consideration determined by the board, which consideration may include the interests of another cooperative, ifthe board recommends the proposed transaction to the members, and the members approve itby a vote of two-thirds of the votes cast in which vote a majority of allvotes are cast. The board may condition its submission of the proposed transaction on any basis. §76

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