BYLAWS
OF
NORTH ITASCA
ELECTRIC CO-OP., INC.

ARTICLE VIII
DISPOSITION OF PROPERTY

The Board of Directors may sell, mortgage, lease or otherwise dispose of or encumber the property of the Cooperative upon such terms and conditions as it deems appropriate and in the best interests of the Cooperative. No sale of more than twenty-five percent (25%) of the property of the Cooperative shall be effective, however, unless authorized at a regular or special meeting by the affirmative vote of two-thirds (2/3) of the total number of members of the cooperative.