48-62-101 - Sale of the assets in regular course of activities and mortgage of assets. - Tennessee Statutes

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48-62-101. Sale of the assets in regular course of activities and mortgage of assets.

(a) A corporation may on the terms and conditions and for the consideration determined by the board of directors:

(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 charter requires it, approval of the members or any other person of a transaction described in subsection (a) is not required.

[Acts 1987, ch. 242, § 12.01.]

State Codes and Statutes

Statutes > Tennessee > Title-48 > Chapter-62 > 48-62-101

48-62-101. Sale of the assets in regular course of activities and mortgage of assets.

(a) A corporation may on the terms and conditions and for the consideration determined by the board of directors:

(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 charter requires it, approval of the members or any other person of a transaction described in subsection (a) is not required.

[Acts 1987, ch. 242, § 12.01.]

State Codes and Statutes

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State Codes and Statutes

Statutes > Tennessee > Title-48 > Chapter-62 > 48-62-101

48-62-101. Sale of the assets in regular course of activities and mortgage of assets.

(a) A corporation may on the terms and conditions and for the consideration determined by the board of directors:

(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 charter requires it, approval of the members or any other person of a transaction described in subsection (a) is not required.

[Acts 1987, ch. 242, § 12.01.]