PARTXIII.  SALE OF ASSETS

 

[§414-331]  Sale of assets in regular courseof business and mortgage of assets.  (a)  A corporation, on the terms andconditions and for the consideration determined by the board of directors, may:

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

(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 business;or

(3)  Transfer any or all of its property to acorporation all the shares of which are owned by the corporation.

(b)  Unless the articles of incorporationrequire it, approval by the shareholders of a transaction described insubsection (a) is not required. [L 2000, c 244, pt of §1]