Virginia § 13.1-899 Sale of assets in regular course of business

Virginia Statutes

§ 13.1-899 — Sale of assets in regular course of business

Virginia § 13.1-899

Title 13.1CORPORATIONS

Ch. 10VIRGINIA NONSTOCK CORPORATION ACT

Art. 12SALE OF ASSETS

This text of Virginia § 13.1-899 (Sale of assets in regular course of business) is published on Counsel Stack Legal Research, covering Virginia primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Va. Code Ann. § 13.1-899 (2026).

Text

Unless the articles of incorporation provide otherwise, no approval of the members of a corporation entitled to vote is required:

1.To sell, lease, exchange, or otherwise dispose of any or all of the corporation's assets in the usual and regular course of business;

2.To mortgage, pledge or dedicate to the repayment of indebtedness, whether with or without recourse, or otherwise encumber any or all of the corporation's assets whether or not in the usual and regular course of business; or

3.To transfer any or all of the corporation's assets to one or more domestic or foreign eligible entities all of whose eligible interests are owned by the corporation.

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Unless the articles of incorporation provide otherwise, no approval of the members of a corporation entitled to vote is required:

1. To sell, lease, exchange, or otherwise dispose of any or all of the corporation's assets in the usual and regular course of business;

2. To mortgage, pledge or dedicate to the repayment of indebtedness, whether with or without recourse, or otherwise encumber any or all of the corporation's assets whether or not in the usual and regular course of business; or

3. To transfer any or all of the corporation's assets to one or more domestic or foreign eligible entities all of whose eligible interests are owned by the corporation.