The Florida Senate

607.1201  Sale of assets in regular course of business and mortgage of assets.--

(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 business;

(b)  Mortgage, pledge, dedicate to the repayment of indebtedness (whether with or without recourse), create a security interest in, or otherwise encumber any or all of its property whether or not in the usual and regular course of business; or

(c)  Transfer any or all of its property to a corporation all the shares of which are owned by the corporation.

(2)  Unless the articles of incorporation require it, approval by the shareholders of a transaction described in subsection (1) is not required.

History.--s. 116, ch. 89-154.