Section 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.