Iowa § 504.1201 Sale of assets in regular course of activities and mortgage of assets

Iowa Statutes

§ 504.1201 — Sale of assets in regular course of activities and mortgage of assets

Iowa § 504.1201

Title XIIBUSINESS ENTITIES

Ch. 504REVISED IOWA NONPROFIT CORPORATION ACT

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Bluebook

Iowa Code § 504.1201 (2026).

Text

1.A corporation may, on the terms and conditions and for the consideration determined by the board of directors, do either of the following:

a.Sell, lease, exchange, or otherwise dispose of all, or substantially all, of its property in the usual and regular course of its activities.

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 its activities.

2.Unless the articles require it, approval of the members or any other persons of a transaction described in subsection 1 is not required.

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1. A corporation may, on the terms and conditions and for the consideration determined
by the board of directors, do either of the following:
a. Sell, lease, exchange, or otherwise dispose of all, or substantially all, of its property in
the usual and regular course of its activities.
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 its activities.

2. Unless the articles require it, approval of the members or any other persons of a
transaction described in subsection 1 is not required.