13.1-899 - Sale of assets in regular course of business.
§ 13.1-899. Sale of assets in regular course of business.
Unless the articles of incorporation provide otherwise, no approval of themembers of a corporation entitled to vote is required:
1. To sell, lease, exchange, or otherwise dispose of any or all of thecorporation's assets in the usual and regular course of business;
2. To mortgage, pledge or dedicate to the repayment of indebtedness, whetherwith or without recourse, or otherwise encumber any or all of thecorporation's assets whether or not in the usual and regular course ofbusiness; or
3. To transfer any or all of the corporation's assets to one or more domesticor foreign eligible entities all of whose eligible interests are owned by thecorporation.
(Code 1950, §§ 13-232, 13.1-246; 1956, c. 428; 1985, c. 522; 2007, c. 925.)