Sec. 162.125. ENCUMBRANCE AND DISPOSITION OF PROPERTY WITHOUT MEMBERS' AUTHORIZATION. (a) The board of a telephone cooperative may, without authorization of the members, authorize the execution and delivery of a mortgage or deed of trust of or the encumbering of any property of the cooperative, including property to be acquired and the revenues from property of the cooperative, to secure any indebtedness of the cooperative to the United States or any lending institution licensed by the United States or a state.
(b) A mortgage or deed of trust described by Subsection (a) is exempt from a tax for recording the instrument.
Acts 1997, 75th Leg., ch. 166, Sec. 1, eff. Sept. 1, 1997.
Structure Texas Statutes
Title 4 - Delivery of Utility Services
Subtitle A - Utility Corporations and Other Providers
Chapter 162 - Telephone Cooperative Corporations
Subchapter C. Powers of Telephone Cooperative
Section 162.121. General Powers
Section 162.122. Powers Relating to Provision of Communication Service
Section 162.123. Connection and Interconnection of Facilities
Section 162.124. Eminent Domain
Section 162.125. Encumbrance and Disposition of Property Without Members' Authorization
Section 162.126. Encumbrance, Lease, and Disposition of Property With Members' Authorization