§ 61. Disposition of property. (a) The board of directors of a
cooperative shall have full power and authority, without authorization
by the members thereof, to authorize the execution and delivery of a
mortgage or mortgages or a deed or deeds of trust of, or the pledging or
encumbering of, any or all of the property, assets, rights, privileges,
licenses, franchises and permits of the cooperative, whether acquired or
to be acquired, and wherever situated, as well as the revenues and
income therefrom, all upon such terms and conditions as the board of
directors shall determine. Any such mortgage or mortgages or deed or
deeds of trust or other instruments shall be exempt from the mortgage
recording taxes imposed by article eleven of the tax law.

(b) A cooperative may not otherwise sell, mortgage, lease or otherwise
dispose of or encumber all or a substantial portion of its property
unless such sale, mortgage, lease or other disposition or encumbrance is
authorized by the affirmative vote of not less than two-thirds of the
total members of the cooperative.