47-25-28. Authorization for transfer in corporation having no members entitled to vote.
48 words·~1 min read·
/sd/title-47/chapter-47-25/47-25-28A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Where there are no members, or no members entitled to vote thereon, a sale, lease, exchange, mortgage, pledge, or other disposition of all, or substantially all, the property and assets of a corporation shall be authorized upon receiving the vote of a majority of the directors in office.