607.1201 Sale of assets in regular course of business and mortgage of assets. - Florida Statutes

607.1201 Sale of assets in regular course of business and mortgage of assets.

   (1) A corporation may, on the terms and conditions and for the consideration determined by the board of directors:

   (a) Sell, lease, exchange, or otherwise dispose of all, or substantially all, of its property in the usual and regular course of business;

   (b) Mortgage, pledge, dedicate to the repayment of indebtedness (whether with or without recourse), create a security interest in, or otherwise encumber any or all of its property whether or not in the usual and regular course of business; or

   (c) Transfer any or all of its property to a corporation all the shares of which are owned by the corporation.

   (2) Unless the articles of incorporation require it, approval by the shareholders of a transaction described in subsection (1) is not required.

History. s. 116, ch. 89-154.