2011 Missouri Revised Statutes
TITLE XXIII CORPORATIONS, ASSOCIATIONS AND PARTNERSHIPS
Chapter 355 Nonprofit Corporation Law
Section 355.651. Sale, encumbrance of property.
Sale, encumbrance of property.
355.651. 1. A corporation may on the terms and conditions and for the consideration determined by the board of directors:
(1) Sell, lease, exchange, or otherwise dispose of all, or substantially all, of its property in the usual and regular course of its activities; or
(2) 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.
2. Unless the articles require it, approval of the members or any other person of a transaction described in subsection 1 of this section is not required.
(L. 1994 H.B. 1095)Effective 7-1-95
Annotation Copyright Missouri Joint Committee on Legislative Research
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