law: Co-Operative Societies Act 2008 
  71.
  
  Borrowing powers of the Board
  1.      Subject to the
  
  by-laws, the Board may without authorization of the members of a society—
  a.     
  
    borrow
  
  money on the credit of the society;
  b.    
  
    issue,
  
  re-issue, sell or pledge debt obligations of the society;
  c.     
  
    give
  
  a guarantee on behalf of the society to secure performance of an obligation of
  
  any person; and
  d.    
  
    Mortgage,
  
  charge hypothecate, pledge or otherwise create a security interest in all or
  
  any property of the society, owed or subsequently acquired, to secure any debt
  
  obligation of the society.
  1.      
  2.      A sale, lease or
  
  exchange of all or substantially all of the property of a society, other than
  
  in the ordinary course of business of the society, must be approved by the
  
  members in a manner provided in subsections (3) to (7).
  3.       The directors shall
  
  send, in the manner provided in section 43, a notice of a special meeting to
  
  consider the sale, lease or exchange mentioned in subsection (2) to each
  
  member.
  4.      The notice mentioned
  
  in subsection (3) must include or must be accompanied by a copy of a summary of
  
  the agreement of sale, lease or exchange mentioned in subsection (2).
  5.      At a special meeting
  
  held pursuant to this section the members may, by special resolution—
  a.     
  
    authorize
  
  the sale, lease or exchange mentioned in subsection (2); and
  b.    
  
    Fix
  
  or authorize the directors to fix, any terms and conditions of sale, lease or
  
  exchange.
  1.      
  2.      
  3.      
  4.      
  5.      
  6.      Each member of the
  
  society has the right to vote with respect to any sale, lease or exchange
  
  contemplated by this section.
  7.      A sale, lease or
  
  exchange mentioned in subsection (2) is adopted when the members of the society
  
  have approved the sale, lease or exchange by a special resolution.