(1) SALE IN USUAL AND REGULAR COURSE OF BUSINESS. The board may sell, lease, transfer, or otherwise dispose of all or substantially all of the cooperative’s property in the usual and regular course of the cooperative’s business. (2) OTHER SALES. The board may sell, lease, transfer, or otherwise dispose of all or substantially all of the cooperative’s property not in the usual and regular course of the cooperative’s business if all of the following apply: (a) The cooperative’s accountant has given the board an opinion that the cooperative cannot continue as an ongoing business and is under financial duress. (b) The board has given notice to the members of the impending or potential disposition prior to the disposition. (c) The board has determined that failure to proceed with the disposition would be adverse to the interests of the members and the cooperative. (3) SECURITY INTERESTS. The board may grant a security interest in all or substantially all of the cooperative’s property whether or not in the usual and regular course of the cooperative’s business. (4) TRANSFER TO CERTAIN AFFILIATES. The board may transfer any or all of the cooperative’s property to a business entity all the ownership interests of which are owned by the cooperative. (5) ASSET SECURITIZATION. For purposes of debt financing, the board may transfer any or all of the cooperative’s property to a special purpose entity owned or controlled by the cooperative for an asset securitization.
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