PART XI. SALE OF ASSETS

 

[§414D-221]  Sale of assets in regularcourse of activities and mortgage of assets.  (a)  A corporation, on theterms and conditions and for the consideration determined by the board ofdirectors, may:

(1)  Sell, lease, exchange, or otherwise dispose ofall, or substantially all, of its property in the usual and regular course ofits activities; or

(2)  Mortgage, pledge, dedicate to the repayment ofindebtedness (whether with or without recourse), or otherwise encumber any orall of its property whether or not in the usual and regular course of itsactivities.

(b)  Unless the articles require it, approvalof the members or any other person of a transaction described in subsection (a)is not required. [L 2001, c 105, pt of §1]