47-25-28. Authorization for transfer in corporation having no members entitled to vote. Where there are no members, or no members entitled to vote thereon, a sale, lease, exchange, mortgage, pledge, or other disposition of all, or substantially all, the property and assets of a corporation shall be authorized upon receiving the vote of a majority of the directors in office.
Source: SL 1965, ch 24, § 46 (2).
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