2010 West Virginia Code
CHAPTER 31E. WEST VIRGINIA NONPROFIT CORPORATION ACT
ARTICLE 12. DISPOSITION OF ASSETS.
§31E-12-1201. Disposition of assets not requiring member approval.
§31E-12-1201. Disposition of assets not requiring member approval.No approval of the members of a corporation is required, unless the articles of incorporation otherwise provide:
(1) To sell, lease, exchange, or otherwise dispose of any or all of the corporation's assets in the usual and regular course of business;
(2) To mortgage, pledge, dedicate to the repayment of indebtedness with or without recourse, or otherwise encumber any or all of the corporation's assets, whether or not in the usual and regular course of business; or
(3) To transfer any or all of the corporation's assets to one or more corporations or other entities all of the shares or interests of which are owned by the corporation.
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