2010 Mississippi Code
TITLE 79 - CORPORATIONS, ASSOCIATIONS, AND PARTNERSHIPS
Chapter 11 - Nonprofit, Nonshare Corporations and Religious Societies.
79-11-329 - Sale, lease, exchange, or other disposition of property in regular course of business; mortgaging or otherwise encumbering property.
§ 79-11-329. Sale, lease, exchange, or other disposition of property in regular course of business; mortgaging or otherwise encumbering property.
(1) A corporation may on the terms and conditions and for the consideration determined by the board of directors:
(a) Sell, lease, exchange or otherwise dispose of all, or substantially all, of its property in the usual and regular course of its activities; or
(b) Mortgage, pledge, dedicate to the repayment of indebtedness (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 of incorporation require it, approval by the members of a transaction described in subsection (1) of this section is not required.
Sources: Laws, 1987, ch. 485, § 115, eff from and after January 1, 1988.
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