PART XI. 
SALE OF ASSETS



 



[§414D-221]  Sale of assets in regular
course of activities and mortgage of assets.  (a)  A corporation, on the
terms and conditions and for the consideration determined by the board of
directors, 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; 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 usual and regular course of its
activities.



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