13.1-723 - Disposition of assets not requiring shareholder approval. - Virginia Statutes

§ 13.1-723. Disposition of assets not requiring shareholder approval.

Unless the articles of incorporation otherwise provide, no approval of theshareholders of a corporation 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;

3. To transfer any or all of the corporation's assets to one or more domesticor foreign corporations or eligible entities all the shares or eligibleinterests of which are owned by the corporation; or

4. To distribute assets pro rata to the holders of one or more classes orseries of the corporation's shares.

(Code 1950, §§ 13-83, 13-84, 13.1-77; 1954, c. 499; 1956, c. 428; 1968, c.109; 1971, Ex. Sess., c. 117; 1975, c. 500; 1985, c. 522; 1994, c. 710; 2003,c. 728; 2005, c. 765.)