§ 13.1-723. Disposition of assets not requiring shareholder approval
Unless the articles of incorporation otherwise provide, no approval of the shareholders of a corporation is required:
1. To sell, lease, exchange, or otherwise dispose of any or all of the corporation's assets in the usual and regular course of business;
2. To mortgage, pledge or dedicate to the repayment of indebtedness, whether with or without recourse, or otherwise encumber any or all of the corporation's assets, whether or not in the usual and regular course of business;
3. To transfer any or all of the corporation's assets to one or more domestic or foreign corporations or eligible entities all the shares or eligible interests of which are owned by the corporation; or
4. To distribute assets pro rata to the holders of one or more classes or series of the corporation's shares.
(Code 1950, §§ 13-83, 13-84, 13.1-77; 1954, c. 499; 1956, c. 428; 1968, c. 109; 1971, Ex. Sess., c. 117; 1975, c. 500; 1985, c. 522; 1994, c. 710; 2003, c. 728; 2005, c. 765.)
Sections: Previous 13.1-722.8 13.1-722.9 13.1-722.10 13.1-722.11 13.1-722.12 13.1-722.13 13.1-722.14 13.1-723 13.1-724 13.1-725 13.1-725.1 13.1-726 13.1-726.1 13.1-727 13.1-727.1 NextLast modified: April 2, 2009