{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/13.1-899.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/13.1-899.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/13.1-899.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/13.1-899.html"}],"law_id":61580,"edition_id":1,"section_id":61580,"structure_id":13300,"section_number":"13.1-899","catch_line":"Sale of assets in regular course of business","history":"Code 1950, \u00a7\u00a7 13-232, 13.1-246; 1956, c. 428; 1985, c. 522; 2007, c. 925.","full_text":"Unless the articles of incorporation provide otherwise, no approval of the members of a corporation entitled to vote 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 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; or3\n\nTo 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.","order_by":null,"text":{"0":{"id":224849,"text":"Unless the articles of incorporation provide otherwise, no approval of the members of a corporation entitled to vote is required:","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1,"next_prefix":"1"},"1":{"id":224850,"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":224851,"text":"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","type":"section","prefixes":["2"],"prefix":"2","entire_prefix":"2","prefix_anchor":"2","level":1,"prior_prefix":"1","next_prefix":"3"},"3":{"id":224852,"text":"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.","type":"section","prefixes":["3"],"prefix":"3","entire_prefix":"3","prefix_anchor":"3","level":1,"prior_prefix":"2"}},"ancestry":[{"id":13300,"edition_id":1,"name":"Sale of Assets","identifier":"12","label":"article","depth":3,"order_by":1,"parent_id":13004,"metadata":{},"date_created":"2026-06-26 03:44:36","date_modified":"2026-06-26 03:44:36","permalink":{"id":147679,"object_type":"structure","relational_id":13300,"identifier":"12","token":"13.1\/10\/12","url":"\/13.1\/10\/12\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13004,"edition_id":1,"name":"Virginia Nonstock Corporation Act","identifier":"10","label":"chapter","depth":2,"order_by":1,"parent_id":12744,"metadata":{},"date_created":"2026-06-26 03:44:07","date_modified":"2026-06-26 03:44:07","permalink":{"id":147501,"object_type":"structure","relational_id":13004,"identifier":"10","token":"13.1\/10","url":"\/13.1\/10\/","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":61580,"structure_id":13300,"section_number":"13.1-899","catch_line":"Sale of assets in regular course of business","url":"\/13.1-899\/","token":"13.1\/10\/12\/13.1-899","metadata":false},{"id":54289,"structure_id":13300,"section_number":"13.1-900","catch_line":"Sale of assets other than in regular course of business","url":"\/13.1-900\/","token":"13.1\/10\/12\/13.1-900","metadata":false},{"id":71224,"structure_id":13300,"section_number":"13.1-901","catch_line":"Sale of certain real property by incorporated educational institutions","url":"\/13.1-901\/","token":"13.1\/10\/12\/13.1-901","metadata":false}],"next_section":{"id":54289,"structure_id":13300,"section_number":"13.1-900","catch_line":"Sale of assets other than in regular course of business","url":"\/13.1-900\/","token":"13.1\/10\/12\/13.1-900","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/13.1-899\/","history_text":"

The record of this law\u2019s original creation isn\u2019t available online. It has been modified 3 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 1956, chapter 428; in 1985, chapter 522; in 2007, chapter 925<\/a>.<\/p>","references":[{"id":78466,"section_number":"13.1-814.1","catch_line":"Special provisions for community associations","order_by":null,"url":"\/13.1-814.1\/"},{"id":54289,"section_number":"13.1-900","catch_line":"Sale of assets other than in regular course of business","order_by":null,"url":"\/13.1-900\/"},{"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":60747,"section_number":"6.2-1317","catch_line":"Supervisory merger or transfer of assets of insolvent or financially unstable credit union","order_by":null,"url":"\/6.2-1317\/"}],"refers_to":false,"permalink":{"id":147681,"object_type":"law","relational_id":61580,"identifier":"13.1-899","token":"13.1\/10\/12\/13.1-899","url":"\/13.1-899\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/13.1-899\/","token":"13.1\/10\/12\/13.1-899","dublin_core":{"Title":"Sale of assets in regular course of business","Type":"Text","Format":"text\/html","Identifier":"\u00a7 13.1-899","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

Unless the articles of incorporation<\/span> provide otherwise, no approval of the members<\/span> of a corporation<\/span> entitled to vote 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 or 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; or <\/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 or foreign eligible entities all of whose eligible interests<\/span> are owned by the corporation<\/span>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nSALE OF ASSETS IN REGULAR COURSE OF BUSINESS (\u00a7 13.1-899)\n\nUnless the articles of incorporation provide otherwise, no approval of the\nmembers of a corporation entitled to vote 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 or dedicate to the repayment of indebtedness, whether\nwith or without recourse, or otherwise encumber any or all of the\ncorporation’s assets whether or not in the usual and regular course of\nbusiness; or\n\n3. To transfer any or all of the corporation’s assets to one or more\ndomestic or foreign eligible entities all of whose eligible interests are owned\nby the corporation.\n\nHISTORY: Code 1950, \u00a7\u00a7 13-232, 13.1-246; 1956, c. 428; 1985, c. 522; 2007, c.\n925.","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}}