Sec. 1. The approval of the shareholders of a corporation is not required unless the articles of incorporation require the approval of the shareholders to:
(1) sell, lease, exchange, or otherwise dispose of all, or substantially all, of the corporation’s property in the usual and regular course of business;
(2) mortgage, pledge, dedicate to the repayment of indebtedness (whether with or without recourse), or otherwise encumber any or all of the corporation’s property whether or not in the usual and regular course of business; or
(3) transfer any or all of the corporation’s property to a corporation all the shares of which are owned by the corporation.
As added by P.L.149-1986, SEC.25. Amended by P.L.133-2009, SEC.34.