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Current as of March 08, 2022 | Updated by FindLaw Staff
A. On the terms and conditions and for the consideration determined by the board of directors, a corporation may:
1. Sell, lease, exchange or otherwise dispose of all or substantially all of its property in the usual and regular course of its activities.
2. Mortgage, pledge, dedicate to the repayment of indebtedness, whether with or without recourse, or otherwise encumber any or all of its property whether or not in the usual and regular course of its activities.
3. Transfer any or all of its property to a corporation all the shares of memberships of which are owned by the corporation.
B. Unless the articles of incorporation require it, approval by the members or any other person of a transaction described in subsection A is not required.
Cite this article: FindLaw.com - Arizona Revised Statutes Title 10. Corporations and Associations § 10-11201. Sale of assets in regular course of activities and mortgage of assets - last updated March 08, 2022 | https://codes.findlaw.com/az/title-10-corporations-and-associations/az-rev-st-sect-10-11201/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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