§ 55A-12-01. Sale of assets in regular course of activities and mortgage of assets.
Article12.
Transfer of Assets.
§ 55A‑12‑01. Saleof assets in regular course of activities and mortgage of assets.
(a) A corporation mayon the terms and conditions and for the consideration determined by the boardof directors:
(1) Sell, lease,exchange, or otherwise dispose of all, or substantially all, of its property inthe usual and regular course of its activities; or
(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 usualand regular course of its activities.
(b) Unless the articlesof incorporation require it, approval of the members or any other person of atransaction described in subsection (a) of this section is not required. (1955,c. 1230; 1985 (Reg. Sess., 1986), c. 801, s. 40; 1993, c. 398, s. 1.)