Abandonment of transfer plan after vote of members--Rights of third parties

After authorization by a vote of members pursuant to § 47-25-26 , the board of directors, nevertheless, in its discretion, may abandon a sale, lease, exchange, mortgage, pledge, or other disposition of assets described in § 47-25-24 , subject to the rights of third parties under any contracts relating thereto, without further action or approval by members. Source: SL 1965, ch 24, § 46 (1).