Part 5 — Capital Structure Division 1 Membership Capital
119 Borrowing
provides otherwise, the articles of a cooperative are deemed to state
that the directors may, without the authorization of the members or
investment shareholders,
(a) borrow money,
(b) give debt obligations,
(c) subject to section 140, give guarantees,
(d) create security inter ests in its property, and
(e) notwithstanding sections 89(3) and 93(e), delegate any
power referred to in clauses (a) to (d).