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<law><site_title>Virginia Decoded</site_title><site_url>https://vacode.org</site_url><law_id>61580</law_id><section_number>13.1-899</section_number><catch_line>Sale of assets in regular course of business</catch_line><edition url="https://vacode.org/2025/" slug="2025" current="TRUE" last_updated="">2025</edition><referred_to_by><reference>13.1-814.1</reference><reference>13.1-900</reference><reference>6.2-1205</reference><reference>6.2-1317</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="10">Virginia Nonstock Corporation Act</unit><unit label="article" level="3" order_by="1" identifier="12">Sale of Assets</unit></structure><text>
						<section><p>Unless the <span class="dictionary">articles of incorporation</span> provide otherwise, no approval of the <span class="dictionary">members</span> of a <span class="dictionary">corporation</span> entitled to vote 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-224850" class="section-permalink" href="https://vacode.org/13.1-899/#1"><i class="fa fa-link"/></a></p></section>
						<section id="2"><p><span class="prefix-number">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 <span class="dictionary">corporation</span>&#x2019;s <span class="dictionary">assets</span> whether or not in the usual and regular course of business; or <a id="paragraph-224851" class="section-permalink" href="https://vacode.org/13.1-899/#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 domestic or foreign eligible entities all of whose <span class="dictionary">eligible interests</span> are owned by the <span class="dictionary">corporation</span>. <a id="paragraph-224852" class="section-permalink" href="https://vacode.org/13.1-899/#3"><i class="fa fa-link"/></a></p></section></text><history>Code 1950, &#xA7;&#xA7; 13-232, 13.1-246; 1956, c. 428; 1985, c. 522; 2007, c. 925.</history><metadata></metadata></law>
