15A:10-10. Sale or other disposition of assets in regular course of activities and mortgage or pledge of assets
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/nj/title-15a/chapter-10/15a-10-10·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The sale, lease, exchange, or other disposition of all, or substantially all, the assets of a corporation in the usual and regular course of its activities as conducted by the corporation, and the mortgage or pledge of any or all the assets of a corporation whether or not in the usual and regular course of activities as conducted by the corporation, may be made upon terms and conditions and for a consideration, which may consist in whole or in part of money or property, real or personal, including shares, bonds or other securities of any domestic corporation, foreign corporation, or any corporate business entity as shall be authorized by its board.
Unless otherwise provided in the certificate of incorporation or bylaws, no approval of the members shall be required.
L.1983, c. 127, s. 15A:10-10, eff. Oct. 1, 1983.