§ 13.1-723 Disposition of assets not requiring shareholder approval
Unless the articles of incorporation otherwise provide, no approval of the shareholders of a corporation is required:
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 to the repayment of indebtedness, whether with or without recourse, or otherwise encumber any or all of the corporation’s assets, whether or not 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 eligible entities all 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.
History
The record of this law’s original creation isn’t available online. It has been modified 9 times. Those modifications are cataloged by “The Acts of Assembly,” a state publication, by year and chapter. Those modifications that can be read on the General Assembly’s website will be linked accordingly. Those modifications are as follows: in 1954, chapter 499; in 1956, chapter 428; in 1968, chapter 109; in 1975, chapter 500; in 1985, chapter 522; in 1994, chapter 710; in 2003, chapter 728; in 2005, chapter 765; in 2019, chapter 734.
Code 1950, §§ 13-83, 13-84, 13.1-77; 1954, c. 499; 1956, c. 428; 1968, c. 109; 1971, Ex. Sess., c. 117; 1975, c. 500; 1985, c. 522; 1994, c. 710; 2003, c. 728; 2005, c. 765; 2019, c. 734.