{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/13.1-723.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/13.1-723.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/13.1-723.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/13.1-723.html"}],"law_id":86592,"edition_id":1,"section_id":86592,"structure_id":16780,"section_number":"13.1-723","catch_line":"Disposition of assets not requiring shareholder approval","history":"Code 1950, \u00a7\u00a7 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.","full_text":"Unless the articles of incorporation otherwise provide, no approval of the shareholders of a corporation is required:\n\n1\n\nTo sell, lease, exchange, or otherwise dispose of any or all of the corporation’s assets in the usual and regular course of business;2\n\nTo 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\n\nTo 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; or4\n\nTo distribute assets pro rata to the holders of one or more classes or series of the corporation’s shares.","order_by":null,"text":{"0":{"id":310132,"text":"Unless the articles of incorporation otherwise provide, no approval of the shareholders of a corporation is required:","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1,"next_prefix":"1"},"1":{"id":310133,"text":"To sell, lease, exchange, or otherwise dispose of any or all of the corporation’s assets in the usual and regular course of business;","type":"section","prefixes":["1"],"prefix":"1","entire_prefix":"1","prefix_anchor":"1","level":1,"prior_prefix":"","next_prefix":"2"},"2":{"id":310134,"text":"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;","type":"section","prefixes":["2"],"prefix":"2","entire_prefix":"2","prefix_anchor":"2","level":1,"prior_prefix":"1","next_prefix":"3"},"3":{"id":310135,"text":"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","type":"section","prefixes":["3"],"prefix":"3","entire_prefix":"3","prefix_anchor":"3","level":1,"prior_prefix":"2","next_prefix":"4"},"4":{"id":310136,"text":"To distribute assets pro rata to the holders of one or more classes or series of the corporation’s shares.","type":"section","prefixes":["4"],"prefix":"4","entire_prefix":"4","prefix_anchor":"4","level":1,"prior_prefix":"3"}},"ancestry":[{"id":16780,"edition_id":1,"name":"Disposition of Assets","identifier":"13","label":"article","depth":3,"order_by":1,"parent_id":12983,"metadata":{},"date_created":"2026-06-26 04:42:44","date_modified":"2026-06-26 04:42:44","permalink":{"id":150467,"object_type":"structure","relational_id":16780,"identifier":"13","token":"13.1\/9\/13","url":"\/13.1\/9\/13\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12983,"edition_id":1,"name":"Virginia Stock Corporation Act","identifier":"9","label":"chapter","depth":2,"order_by":1,"parent_id":12744,"metadata":{},"date_created":"2026-06-26 03:44:06","date_modified":"2026-06-26 03:44:06","permalink":{"id":150163,"object_type":"structure","relational_id":12983,"identifier":"9","token":"13.1\/9","url":"\/13.1\/9\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12744,"edition_id":1,"name":"Corporations","identifier":"13.1","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:51","date_modified":"2026-06-26 03:43:51","permalink":{"id":147493,"object_type":"structure","relational_id":12744,"identifier":"13.1","token":"13.1","url":"\/13.1\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":86592,"structure_id":16780,"section_number":"13.1-723","catch_line":"Disposition of assets not requiring shareholder approval","url":"\/13.1-723\/","token":"13.1\/9\/13\/13.1-723","metadata":false},{"id":78985,"structure_id":16780,"section_number":"13.1-724","catch_line":"Shareholder approval of certain dispositions","url":"\/13.1-724\/","token":"13.1\/9\/13\/13.1-724","metadata":false}],"next_section":{"id":78985,"structure_id":16780,"section_number":"13.1-724","catch_line":"Shareholder approval of certain dispositions","url":"\/13.1-724\/","token":"13.1\/9\/13\/13.1-724","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/13.1-723\/","history_text":"

The record of this law\u2019s original creation isn\u2019t available online. It has been modified 9 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s 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<\/a>; in 2003, chapter 728<\/a>; in 2005, chapter 765<\/a>; in 2019, chapter 734<\/a>.<\/p>","references":[{"id":78985,"section_number":"13.1-724","catch_line":"Shareholder approval of certain dispositions","order_by":null,"url":"\/13.1-724\/"},{"id":78022,"section_number":"13.1-741.1","catch_line":"Limitations on other remedies for fundamental transactions","order_by":null,"url":"\/13.1-741.1\/"},{"id":54774,"section_number":"54.1-2353","catch_line":"Protection of the interests of associations; appointment of receiver for common interest community manager","order_by":null,"url":"\/54.1-2353\/"},{"id":61378,"section_number":"6.2-1205","catch_line":"Merger, consolidation or transfer of assets of insolvent or financially unstable savings institution; notice and hearing; final order; priorities; examinations of resulting institutions","order_by":null,"url":"\/6.2-1205\/"},{"id":64972,"section_number":"6.2-914","catch_line":"Merger or transfer of assets of insolvent bank","order_by":null,"url":"\/6.2-914\/"}],"refers_to":false,"permalink":{"id":150469,"object_type":"law","relational_id":86592,"identifier":"13.1-723","token":"13.1\/9\/13\/13.1-723","url":"\/13.1-723\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/13.1-723\/","token":"13.1\/9\/13\/13.1-723","dublin_core":{"Title":"Disposition of assets not requiring shareholder approval","Type":"Text","Format":"text\/html","Identifier":"\u00a7 13.1-723","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

Unless the articles of incorporation<\/span> otherwise provide, no approval of the shareholders<\/span> of a corporation<\/span> is required:<\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> To sell, lease, exchange, or otherwise dispose of any or all of the corporation<\/span>’s assets<\/span> in the usual and regular course of business; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> To mortgage, pledge, dedicate to the repayment of indebtedness, whether with or without recourse, or otherwise encumber any or all of the corporation<\/span>’s assets<\/span>, whether or not in the usual and regular course of business; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> To transfer any or all of the corporation<\/span>’s assets<\/span> to one or more domestic<\/span> or foreign corporations<\/span> or eligible entities all the shares<\/span> or interests<\/span> of which are owned by the corporation<\/span>; or <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> To distribute assets<\/span> pro rata to the holders of one or more classes or series of the corporation<\/span>’s shares<\/span>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nDISPOSITION OF ASSETS NOT REQUIRING SHAREHOLDER APPROVAL (\u00a7 13.1-723)\n\nUnless the articles of incorporation otherwise provide, no approval of the\nshareholders of a corporation is required:\n\n1. To sell, lease, exchange, or otherwise dispose of any or all of the\ncorporation’s assets in the usual and regular course of business;\n\n2. To mortgage, pledge, dedicate to the repayment of indebtedness, whether with\nor without recourse, or otherwise encumber any or all of the corporation’s\nassets, whether or not in the usual and regular course of business;\n\n3. To transfer any or all of the corporation’s assets to one or more\ndomestic or foreign corporations or eligible entities all the shares or\ninterests of which are owned by the corporation; or\n\n4. To distribute assets pro rata to the holders of one or more classes or series\nof the corporation’s shares.\n\nHISTORY: Code 1950, \u00a7\u00a7 13-83, 13-84, 13.1-77; 1954, c. 499; 1956, c. 428;\n1968, c. 109; 1971, Ex. Sess., c. 117; 1975, c. 500; 1985, c. 522; 1994, c. 710;\n2003, c. 728; 2005, c. 765; 2019, c. 734.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}