TITLE 30

CORPORATIONS

CHAPTER 29

GENERAL BUSINESS CORPORATIONS

PART 12

DISPOSITION OF ASSETS

30-29-1201.  DISPOSITION OF ASSETS NOT REQUIRING SHAREHOLDER APPROVAL. No approval of the shareholders is required, unless the articles of incorporation otherwise provide:

(a)  To sell, lease, exchange, or otherwise dispose of any or all of the corporation’s assets in the usual and regular course of business;

(b)  To mortgage, pledge, dedicate to the repayment of indebtedness, whether with or without recourse, or otherwise encumber any or all of the corporation’s assets, regardless of whether in the usual and regular course of business; or

(c)  To transfer any or all of the corporation’s assets to one (1) or more domestic or foreign corporations or other entities all of the shares or interests of which are owned by the corporation; or

(d)  To distribute assets pro rata to the holders of one (1) or more classes or series of the corporation’s shares.

History:

[30-29-1201, added 2015, ch. 243, sec. 67, p. 947; am. 2019, ch. 90, sec. 130, p. 306.]