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<law><site_title>Virginia Decoded</site_title><site_url>https://vacode.org</site_url><law_id>86592</law_id><section_number>13.1-723</section_number><catch_line>Disposition of assets not requiring shareholder approval</catch_line><edition url="https://vacode.org/2025/" slug="2025" current="TRUE" last_updated="">2025</edition><referred_to_by><reference>13.1-724</reference><reference>13.1-741.1</reference><reference>54.1-2353</reference><reference>6.2-1205</reference><reference>6.2-914</reference></referred_to_by><structure><unit label="title" level="1" order_by="1" identifier="13.1">Corporations</unit><unit label="chapter" level="2" order_by="1" identifier="9">Virginia Stock Corporation Act</unit><unit label="article" level="3" order_by="1" identifier="13">Disposition of Assets</unit></structure><text>
						<section><p>Unless the <span class="dictionary">articles of incorporation</span> otherwise provide, no approval of the <span class="dictionary">shareholders</span> of a <span class="dictionary">corporation</span> is required:</p></section>
						<section id="1"><p><span class="prefix-number">1.</span> To sell, lease, exchange, or otherwise dispose of any or all of the <span class="dictionary">corporation</span>&#x2019;s <span class="dictionary">assets</span> in the usual and regular course of business; <a id="paragraph-310133" class="section-permalink" href="https://vacode.org/13.1-723/#1"><i class="fa fa-link"/></a></p></section>
						<section id="2"><p><span class="prefix-number">2.</span> To mortgage, pledge, dedicate to the repayment of indebtedness, whether with or without recourse, or otherwise encumber any or all of the <span class="dictionary">corporation</span>&#x2019;s <span class="dictionary">assets</span>, whether or not in the usual and regular course of business; <a id="paragraph-310134" class="section-permalink" href="https://vacode.org/13.1-723/#2"><i class="fa fa-link"/></a></p></section>
						<section id="3"><p><span class="prefix-number">3.</span> To transfer any or all of the <span class="dictionary">corporation</span>&#x2019;s <span class="dictionary">assets</span> to one or more <span class="dictionary">domestic</span> or <span class="dictionary">foreign corporations</span> or eligible entities all the <span class="dictionary">shares</span> or <span class="dictionary">interests</span> of which are owned by the <span class="dictionary">corporation</span>; or <a id="paragraph-310135" class="section-permalink" href="https://vacode.org/13.1-723/#3"><i class="fa fa-link"/></a></p></section>
						<section id="4"><p><span class="prefix-number">4.</span> To distribute <span class="dictionary">assets</span> pro rata to the holders of one or more classes or series of the <span class="dictionary">corporation</span>&#x2019;s <span class="dictionary">shares</span>. <a id="paragraph-310136" class="section-permalink" href="https://vacode.org/13.1-723/#4"><i class="fa fa-link"/></a></p></section></text><history>Code 1950, &#xA7;&#xA7; 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.</history><metadata></metadata></law>
