2011 Wisconsin Code
Chapter 181. Nonstock corporations.
181.1201 Sale of assets in regular course of activities and mortgage of assets.

181.1201

SUBCHAPTER XII
SALE OF ASSETS
181.1201 Sale of assets in regular course of activities and mortgage of assets.

181.1201(1)

(1) Role of board. A corporation may, on the terms and conditions and for the consideration determined by the board, do any of the following:

181.1201(1)(a)

(a) Sell, lease, exchange or otherwise dispose of all, or substantially all, of its property in the usual and regular course of its activities.

181.1201(1)(b)

(b) Sell, lease, exchange or otherwise dispose of less than substantially all of its property whether or not in the usual and regular course of activities.

181.1201(1)(c)

(c) Mortgage, pledge, dedicate to the repayment of indebtedness, whether 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.

181.1201(2)

(2) Role of members. Unless required by the articles of incorporation or bylaws, approval of the members or any other person of a transaction described in sub. (1) is not required.

181.1201 - ANNOT.

History: 1997 a. 79.