Indiana Statutes
§ 23-17-20-1 — Disposal and encumbrance of property
Indiana·Title 23 BUSINESS AND OTHER ASSOCIATIONS·Art. 17 NONPROFIT CORPORATIONS·Ch. 20 Sale of Assets
(a)A corporation may, on the terms and
conditions and for the consideration determined by the board of
directors, do the following:
(1)Sell, lease, exchange, or otherwise dispose of all, or
substantially all, of the corporation's property in the usual and
regular course of the corporation's activities.
(2)Mortgage, pledge, dedicate to the repayment of indebtedness,
with or without recourse, or otherwise encumber the corporation's
property whether or not in the usual and regular course of the
corporation's activities.
(b)Unless articles of incorporation require approval of the members
or any other person of a transaction described in subsection (a) is not
required.
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Legislative History
As added by P.L.179-1991, SEC.1.
Nearby Sections
15
§ 23-0.5-1-1
Short title§ 23-0.5-1-2
Application§ 23-0.5-1-3
Application; exceptions§ 23-0.5-1-4
Delivery of record§ 23-0.5-1-5
Rules and procedures§ 23-0.5-1-6
Terms dependent on facts ascertainable outside the plan or filed
document; articles of amendment§ 23-0.5-1.5-1
Application of definitions§ 23-0.5-1.5-10
"Filed record"§ 23-0.5-1.5-11
"Filing entity"§ 23-0.5-1.5-12
"Foreign"§ 23-0.5-1.5-13
"General partnership"§ 23-0.5-1.5-14
"Governance interest"§ 23-0.5-1.5-15
"Governing person"§ 23-0.5-1.5-16
"Interest"§ 23-0.5-1.5-17
"Interest holder"