Current as of January 01, 2020 | Updated by FindLaw Staff
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No approval of the shareholders of a corporation is required, unless the articles of incorporation otherwise provide:
(1) To sell, lease, exchange or otherwise dispose of any or all of the corporation's assets in the usual and regular course of business;
(2) To mortgage, pledge, dedicate to the repayment of indebtedness with or without recourse, or otherwise encumber any or all of the corporation's assets, whether or not in the usual and regular course of business;
(3) To transfer any or all of the corporation's assets to one or more corporations or other entities all of the shares or interests of which are owned by the corporation; or
(4) To distribute assets pro rata to the holders of one or more classes or series of the corporation's shares.
Cite this article: FindLaw.com - West Virginia Code Chapter 31D. West Virginia Business Corporation Act § 31D-12-1201. Disposition of assets not requiring shareholder approval - last updated January 01, 2020 | https://codes.findlaw.com/wv/chapter-31d-west-virginia-business-corporation-act/wv-code-sect-31d-12-1201.html
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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