LegalFix
Sign In

NRS 78.565 - Sale, lease or exchange of assets: Authority; vote of stockholders.

NV Rev Stat § 78.565 (2019) (N/A)
Copy with citation
Copy as parenthetical citation

1. Unless otherwise provided in the articles of incorporation, every corporation may, by action taken at any meeting of its board of directors, sell, lease or exchange all of its property and assets, including its goodwill and its corporate franchises, upon such terms and conditions as its board of directors may approve, when and as authorized by the affirmative vote of stockholders holding stock in the corporation entitling them to exercise at least a majority of the voting power.

2. Unless otherwise provided in the articles of incorporation, a vote of stockholders is not necessary:

(a) For a transfer of assets by way of mortgage, or in trust or in pledge to secure indebtedness of the corporation; or

(b) To abandon the sale, lease or exchange of assets.

[37:177:1925; NCL § 1636] — (NRS A 1989, 886; 1993, 973; 2001, 1376, 3199; 2007, 2420)

Previous Section
NRS 78.444 - Authorized combinations: Restrictions on beneficial ownership of additional voting shares by interested stockholder.
Next Section
NRS 78.570 - Sale of property and franchise under decree of court.