The Key West citizen. [volume] (Key West, Fla.) 1879-current, 1939-09-07

ERTY. A cooperative may not sell
mortgage, lease or otherwise dispose
of or cucumber all or any substan
, tial portion of its property unless
such sale. mortgage lease, or 9TH
: or disposition or encumbrance IS al
thoriZed at a duly held meeting OF
, the members thereof by the affirma
tive vote of not less than two-t thirds
, (2-3 of all of the members of the
cooperative. and unless the notice Of
such proposed sale mortgage, lease
or other disposition or circumference
shall have been contained in tbs
notice of the meeting; Provided
however, that Notwithstanding any
, thing herein contained or other pro
visions of law, the board of trustees
of a cooperative, without authorize
ton by the members thereof, shall
have full power and authority tx
authorize the execution and delivery
of mortgage or mortgages or deco
or deeds Of trust upon or the pledg
ing or encumbering of. any or al
OF the property, assets, rights priv.
iieges, licenses, franchises and per.
mltS Of the cooperative, whether &C.
CURED or 10 be acquired, and Wher-
ever situated. as well as the reve-
nues and income therefrom, all upon
such terms and conditions as the
board of trustees shall determine, to
secure any Indebtedness of the CO.
operative to the United States of
America or any fundamentally or
agency thereof
Sec. %. NON-LIABILITY OF
MEMBERS FOR DEBTS OF CO.
OPERATIVE. The private property
of the members of a cooperative
shall be exempt from execution for
the debts OF the cooperative and no
member shall be liable or RESPONSE
bic for any debts of the cooperative.
Sec % RECORDATION OF
MORTGAGES. Any mortgage, deed
Of trust. or other instrument exc
Cuted by q cooperative or foreign
corporation transacting business in
this State pursuant to this Act,
which. by its terms, creates lien,
upon real and personal property then
owned or after-acquired, and which
IS recorded as a mortgage of real
property in any county in which such
property is located or is TO be located
shall have the same force and eff
feet as if the mortgage, deed of
trust or other instrument We're also
recorded or filed in the proper office
OF such county as q mortgage on
personal property ReCOrd2tlOn OF
any such mortgage, deed of trust or
other instrument shall cause the lien
thereof to attach to al after-ac-
CURED property Of the mortgagor of
the nature therein described as be-
ing mOrtgaged or pledged thereby
Immediately upon the acquisition of
such property by the mOrtgagOr, and
such lien shall be superior to all
claims of creditors of the m0rtgagor
and purchasers of such property and
to all other liens, except liens of
prior record and tax liens. affecting
such property.
Sec u. WAIVER OF NOTICE.
Whenever any notice is required to
be given under the provisions of
this Act or under the provisions of
the articles of incorporation or by
laws of q cooperative waiver thereof
in writing, signed by the person or
persons entitled to such notice
whether before or after the time
fixed for the giving of such notice,
shall be deemed equivalent to such
notice. Ii person or persons. en-
titled to notice of a meeting shall
attend such meeting, such attend
ance shall constitute a waiver of
notice of the meeting. except in case
the attendance is for the express pur-
pose of Directing TO the transaction
of any business because the meet
ing shall not have been lawfully
called or convened.
Sec. %. TRUSTEES, OFFICERS
OR MEMBERS-NOTARIES. No
person who is authorized to take &C
acknowledgements under the laws of
this State shall be disqualified from
taking Acknowledgment OF instru-
mentS executed IN favor of q coop
erative or to which it is a party by
reason of being an officer, director
or member of such cooperative.
Sec. 26. FOREIGN CORPORA
TIONS. ANY corporation organized
under the laws of another state on
a nun-prOflt or a cooperative basis
for the purpose of supplying electric
energy in rural areas and owning
and operating electric transmission
or distribution lines in a state adj
iacent to this State, shall be allow
cd to transact business in this State
and shall have the same right, pow
crS. and privileges as a cooperative
organized under this Act upon the
filing with the Secretary Of state of
q certified copy of it's charter or ar
ticlcs of incorporation and upon pay
ment of the filing fee in this Act
provided.
State shall charge and collect for:
CaD Filing articles of incorporation
$4,000 Ten Dollars;
(b) Filing articles of amendment
$500 Five Dollars;
(cD Filing articles of cOnsOida-
ton or merger (S5 00) Five Dollars;
I'D Filing articles of conversion
($5.00) Five Dollars;
(e) Filing certificate of election to
dissolve (S5.00 Five Dollars;
% Filing articles dissolution $50
Five Dollars;
go Filing certificate of change Of
principal office (S2.O Two Dollars
and
(h) Filing certified copy of charter
or articles if Incorporation of foreign
corporation pursuant TO Section rs
(S10.00l Ten Dollars.
Sec. IS. EXEMPTION FROM UNI
FORM SALE OF SECURITIES
ACT. The provisions of the Uniform
Sale of Securities Act shall not
apply to any note, bond or other
evidence of Indebtedness issued by
any cooperative or foreign corpora
ton transacting business in this
State pursuant to. this Act 10 the
United States of America or any
agency or instrumentality thereof.
or to any mortgage or deed of trust
executed to secure the same. The
provisions of said Uniform Sale of
Securities Act shall not apply to the
issuance of membership certificates
by any cooperative or any such for
eign corporation.
Sec % DEFINITIONS. In this
Act, unless the context otherwise
requires:
TAI Plural area" means any area
not included within the boundaries
of any Incorporated or unincorpor-
ated city. town. village. or borough
having n population in excess of
TWENTY-FIVE hundred (2500i persons;
90 Person includes any natural
person, firm, association. corpora
ton. business trust, partnership,
Federal agency. state or political
subdivision or agency thereof, or
any body polite: and
Co Member" means each incor-