(1) A corporation may, as authorized by its bylaws or by the board of directors:
Sell, lease, exchange, or otherwise dispose of any or all of its property in the usualand regular course of business;
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; or
Transfer any or all of its property to a domestic corporation all the shares of whichare owned, directly or indirectly, by the corporation.
(2) Unless otherwise provided in the articles of incorporation, approval by the shareholders of a transaction described in subsection (1) of this section is not required.
Source: L. 93: Entire article added, p. 811, § 1, effective July 1, 1994. L. 96: IP(1) amended, p. 1321, § 29, effective June 1.