89. The board of directors has all the powers necessary to manage the affairs of the cooperative.
The general meeting may, by by-law, determine the powers that cannot be exercised by the board of directors except with the authorization of the general meeting. The meeting may not require that the board of directors obtain its authorization to exercise the powers expressly granted to the board under other provisions of this Act.
However, the board of directors may not borrow or hypothecate or otherwise give as security any property of the cooperative or property delivered to the cooperative by members or auxiliary members unless it is authorized to do so in a by-law adopted by 2/3 of the votes cast by the members or their representatives present at a general meeting.
The board of directors may not sell, rent or exchange all or substantially all the property of the cooperative, outside the normal course of its business, unless it is authorized to do so by a by-law adopted by three quarters of the votes cast by the members or their representatives present at a general meeting.
1982, c. 26, s. 89; 1992, c. 57, s. 524; 1995, c. 67, s. 61; 2003, c. 18, s. 57.