The Arizona Revised Statutes have been updated to include the revised sections from the 56th Legislature, 1st Regular Session. Please note that the next update of this compilation will not take place until after the conclusion of the 56th Legislature, 2nd Regular Session, which convenes in January 2024.
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This online version of the Arizona Revised Statutes is primarily maintained for legislative drafting purposes and reflects the version of law that is effective on January 1st of the year following the most recent legislative session. The official version of the Arizona Revised Statutes is published by Thomson Reuters.
10-1201 - Sale of assets in regular course of business and mortgage of assets
10-1201. Sale of assets in regular course of business and mortgage of assets
A. On the terms and conditions and for the consideration determined by the board of directors, a corporation may:
1. Sell, lease, exchange or otherwise dispose of all or substantially all of its property in the usual and regular course of business.
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 business.
3. Transfer any or all of its property to a corporation all the shares of which are owned by the corporation.
B. Unless the articles of incorporation require it, approval by the shareholders of a transaction described in subsection A is not required.