Powers of cooperative--Borrowing--Security for borrowing

A cooperative shall have power to borrow money and otherwise contract indebtedness, and to issue notes, bonds, and other evidences of indebtedness, and to secure the payment thereof by mortgage, pledge, or deed of trust of, or any other encumbrance upon, any or all of its then owned or after - acquired real or personal property, assets, franchises, or revenues. Source: SL 1947, ch 33, § 4; SDC Supp 1960, § 11.2204 (7).