Section 47-25-28 - Authorization for transfer in corporation having no members entitled to vote

47-25-28. Authorization for transfer in corporation having no members entitled to vote.Where there are no members, or no members entitled to vote thereon, a sale, lease, exchange, mortgage, pledge, or other disposition of all, or substantially all, the property and assets of a corporation shall be authorized upon receiving the vote of a majority of the directors in office. Source: SL 1965, ch 24, §46 (2).