14-3-1201. Sale or other disposal of assets in usual course of activities; mortgage or other encumbrance of assets.

Unless otherwise provided by this chapter, the articles, or the bylaws, a corporation may, on the terms and conditions and for the consideration determined by the board of directors, and without the approval of the members or any other person: (1) Sell, lease, exchange, or otherwise dispose of any, all, or substantially all, of its property in the usual and regular course of its activities; (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; or (3) Transfer any or all of such corporation’s assets to one or more other corporations or other entities, of which all of the memberships or interests are owned or controlled by such corporation.