10-1201. Sale of assets in regular course of business and mortgage of assets
A. On the terms and conditions and for the consideration determined by the board of directors, a corporation may:
1. Sell, lease, exchange or otherwise dispose of all or substantially all of its property in the usual and regular course of business.
2. Mortgage, pledge, dedicate to the repayment of indebtedness, whether with or without recourse, or otherwise encumber any or all of its property whether or not in the usual and regular course of business.
3. Transfer any or all of its property to a corporation all the shares of which are owned by the corporation.
B. Unless the articles of incorporation require it, approval by the shareholders of a transaction described in subsection A is not required.
Section: Previous 10-1021 10-1022 10-1101 10-1102 10-1103 10-1104 10-1105 10-1201 10-1202 10-1301 10-1302 10-1303 10-1320 10-1321 10-1322 NextLast modified: October 13, 2016