Oklahoma Code § 18-437.20

A cooperative may not sell, mortgage, lease or otherwise dispose
of or encumber all or any substantial portion of its property unless
such sale, mortgage, lease, or other disposition or encumbrance is
authorized at a duly held 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; provided, however, that
notwithstanding anything herein contained, or any other provisions
of law, the board of trustees of a cooperative, without
authorization by the members thereof, shall have full power and
authority upon an affirmative vote of not less than two-thirds (2/3)
of the board of trustees to authorize the execution and delivery of
a lease and leaseback transaction only where the board of trustees
determines that such transaction will not impair the ability of the
cooperative to use the assets as needed to serve the members;
provided, however, that such transactions shall apply only to the
physical assets of a cooperative and shall not be used to effect a
sale or other disposition of the cooperative business entity itself;
and further, shall have full power and authority to authorize the
execution and delivery of a mortgage or mortgages or a deed or deeds

of trust upon, or the pledging or encumbering of, any or all 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 revenues and income therefrom, all
upon such terms and conditions as the board of trustees shall
determine, to secure any indebtedness of the cooperative to the
United States of America or any instrumentality or agency thereof or
to any corporation or financial institution authorized to assist in
the credit and financial needs of rural electric cooperatives.

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