271B.12 -010 Sale of assets in regular course of business and mortgage of assets. (1) A corporation may, on the terms and conditions and for the consideration determined by the board of directors: (a) Sell, lease, exchange, or otherwise dispose of all, or substantially all, of its property in the usual and regular course of business; (b) 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 business; or (c) Transfer any or all of its property to an entity of which all the shares or all of the limited liability company interests or other equity interests are owned by the corporation. (2) Unless the articles of incorporation require it, approval by the shareholders of a transaction described in subsect ion (1) of this section shall not be required. Effective: June 8, 2011 History: Amended 2011 Ky. Acts ch. 29, sec. 9, effective June 8, 2011. -- Created 1988 Ky. Acts ch. 23, sec. 121, effective January 1, 1989.
Kentucky Legal Code