24.03.217 - Sale, lease, exchange, or disposition of assets in course of business -- Mortgage and pledge of assets.

Sale, lease, exchange, or disposition of assets in course of business — Mortgage and pledge of assets.

The sale, lease, exchange or other disposition of all, or substantially all, the property and assets of a corporation in the usual and regular course of its business and the mortgage or pledge of any or all property and assets of a corporation whether or not in the usual course of business may be made upon such terms and conditions and for such consideration, which may consist in whole or in part of money or property, real or personal, including shares, obligations, or other securities of any other corporation, domestic or foreign, as shall be authorized by its board of directors. In any such case, no other authorization or consent of any member shall be required.

[1986 c 240 § 37.]