47-25-25. Vote upon transfer of corporate assets--Notice of meeting--Contents of notice.
128 words·~1 min read·
/sd/title-47/chapter-47-25/47-25-25A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Where there are members entitled to vote thereon, the board of directors shall adopt a resolution recommending a sale, lease, exchange, mortgage, pledge, or other disposition described by § 47-25-24 and directing that it be submitted to a vote at a meeting of members entitled to vote thereon, which may be either an annual or a special meeting. Written notice stating that the purpose, or one of the purposes, of such meeting is to consider the sale, lease, exchange, mortgage, pledge, or other disposition of all, or substantially all, the property and assets of the corporation shall be given to each member entitled to vote at such meeting, within the time and in the manner provided by chapter 47-23 for the giving of notice of meetings of members.