PART
XIII.  SALE OF ASSETS



 



[§414-331]  Sale of assets in regular course
of business 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
business;



(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 business;
or



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



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