Illinois Compiled Statutes 805 ILCS 5 Business Corporation Act of 1983. Section 11.55

    (805 ILCS 5/11.55) (from Ch. 32, par. 11.55)

    Sec. 11.55. Sale, lease, exchange, or mortgage of assets in usual and regular course of business. The sale, lease, exchange, mortgage, pledge, or other disposition of all, or substantially all, the property and assets of a corporation, when made in the usual and regular course of the business of the corporation, may be made upon such terms and conditions and for such considerations, which may consist, in whole or in part, of money or property, real or personal, including shares of any other corporation, domestic or foreign, as shall be authorized by its board of directors; and in such case no authorization or consent of the shareholders shall be required.

(Source: P.A. 83-1025.)

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Last modified: February 18, 2015