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Current as of March 28, 2024 | Updated by FindLaw Staff
(a) Unless the articles of incorporation or bylaws otherwise provide, the board of directors may authorize any of the following transactions without any vote or consent of the members:
(1) Any sale, lease, exchange, or other disposition of less than substantially all the property and assets of the electric membership corporation; and
(2) The execution and delivery of any one or more mortgages, deeds of trust, or deeds to secure debt covering, or the creation by any other means of a security interest in, any or all of the real or personal property, assets, rights, privileges, licenses, franchises, and permits of the electric membership corporation, or any interest therein, as well as the revenues therefrom, whether acquired or to be acquired, and wherever situated, for the purpose of securing the payment or performance of any one or more contracts, notes, bonds, or other obligation of the electric membership corporation.
(b) Any transaction made as permitted by this Code section without any vote or consent of the members may be upon such terms and conditions and for such consideration as the board may deem to be in the best interests of the electric membership corporation.
Cite this article: FindLaw.com - Georgia Code Title 46. Public Utilities and Public Transportation § 46-3-400 - last updated March 28, 2024 | https://codes.findlaw.com/ga/title-46-public-utilities-and-public-transportation/ga-code-sect-46-3-400/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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