California Corporations Code

§ 9631

CORP § 9631Div. 2 · Title 1 · Part 4 · Ch. 6 · Art. 3

Statute text

(a)Subject to the provisions of Section 9142, 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 5034) and by any other person or persons whose approval is required by the articles or bylaws either before or after approval by the board and before or after the transaction.

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Legislative history

Amended by Stats. 1981, Ch. 587, Sec. 57.