355.651. Sale, encumbrance of property. - Missouri Statutes

Sale, encumbrance of property.

355.651. 1. A corporation may on the terms and conditionsand for the consideration determined by the board of directors:

(1) Sell, lease, exchange, or otherwise dispose of all, orsubstantially all, of its property in the usual and regularcourse of its activities; or

(2) Mortgage, pledge, dedicate to the repayment ofindebtedness, whether with or without recourse, or otherwiseencumber any or all of its property whether or not in the usualand regular course of its activities.

2. Unless the articles require it, approval of the membersor any other person of a transaction described in subsection 1 ofthis section is not required.

(L. 1994 H.B. 1095)

Effective 7-1-95