§ 13.1-899 Sale of assets in regular course of business
Unless the articles of incorporation provide otherwise, no approval of the members of a corporation entitled to vote 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 or 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; or
3. To transfer any or all of the corporation’s assets to one or more domestic or foreign eligible entities all of whose eligible interests are owned by the corporation.
History
The record of this law’s original creation isn’t available online. It has been modified 3 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 1956, chapter 428; in 1985, chapter 522; in 2007, chapter 925.
Code 1950, §§ 13-232, 13.1-246; 1956, c. 428; 1985, c. 522; 2007, c. 925.