§ 2-2-311 — Regular disposition of property

The sale, lease, or exchange of all or substantially all of the property and assets of an association, when made in the usual and regular course of the business of the association, may be made upon such terms and conditions and for such considerations, which may consist in whole or in part of money or real or personal property, including shares of any other domestic or foreign association, as shall be authorized by its board of directors, and no authorization or consent of the members shall be required.

Legislative History

Acts 1981, No. 121, § 10; A.S.A. 1947, § 77-1036.