§ 7-1.2-1101 - Sale of assets in regular course of business and mortgage or pledge of assets. - Rhode Island Statutes

SECTION 7-1.2-1101

   § 7-1.2-1101  Sale of assets in regularcourse of business and mortgage or pledge of assets. – The sale, lease, exchange, or other disposition of all, or substantially all,the property and assets of a corporation in the usual and regular course of itsbusiness, and the mortgage or pledge of any or all property and assets of acorporation, whether or not in the usual and regular course of business, may bemade upon terms and conditions and for any consideration, which may consist inwhole or in part of money or property, real or personal, including shares ofany other corporation, domestic or foreign, as is authorized by its board ofdirectors; and in any case no authorization or consent of the shareholders isrequired.