13-C §1201. Disposition of assets not requiring shareholder approval

§1201. Disposition of assets not requiring shareholder approval Approval of the shareholders of a corporation is not required, unless the articles of incorporation otherwise provide, to:   [PL 2001, c. 640, Pt. A, §2 (NEW); PL 2001, c. 640, Pt. B, §7 (AFF).] 1.  Usual and regular course of business.  Sell, lease, exchange or otherwise […]

13-C §1202. Shareholder approval of certain dispositions

§1202. Shareholder approval of certain dispositions 1.  No significant continuing business activity.  A sale, lease, exchange or other disposition of assets, other than a disposition described in section 1201, requires approval of the corporation’s shareholders if the disposition would leave the corporation without a significant continuing business activity. If a corporation retains a business activity […]