35-14-1201. Disposition of assets not requiring shareholder approval.
137 words·~1 min read·
/mt/title-35/chapter-14/part-12/35-14-1201·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
35-14-1201 . Disposition of assets not requiring shareholder approval. No approval of the shareholders is required, unless the articles of incorporation provide otherwise:
(1)to sell, lease, exchange, or otherwise dispose of any or all of the corporation's assets in the usual and regular course of business;
(2)to mortgage, pledge, dedicate, with or without recourse, to the repayment of indebtedness, or otherwise encumber any or all of the corporation's assets, regardless of whether in the usual and regular course of business;
(3)to transfer any or all of the corporation's assets to one or more domestic or foreign corporations or other entities all of the shares or interests of which are owned by the corporation; or
(4)to distribute assets pro rata to the holders of one or more classes or series of the corporation's shares.