10-11201. Sale of assets in regular course of
activities 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 its activities.


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 its activities.


3. Transfer any or all of its property to a corporation all the shares of
memberships of which are owned by the corporation.


B. Unless the articles of incorporation require it, approval by the members or any
other person of a transaction described in subsection A is not required.