California Corporations Code

§ 12521

CORP § 12521Div. 3 · Title 1 · Part 2 · Ch. 9

Statute text

(a)A corporation may sell, lease, convey, exchange, transfer or otherwise dispose of all or substantially all of its assets when the principal terms are:

(1)Approved by the board; and

(2)Unless the transaction is in the usual and regular course of its activities approved by the members (Section 12224) either before or after approval by the board and before or after the transaction.

…

Legislative history

Added by Stats. 1982, Ch. 1625, Sec. 3. Operative January 1, 1984.