180.1201 Sale of assets in regular course of business; mortgage of assets; transfer of assets to subsidiary.
(1) A corporation may, on the terms and conditions and for the consideration determined by the board of directors, do any of the following:
(a) Sell, lease, exchange or otherwise dispose of all, or substantially all, of its property in the usual and regular course of business.
(b) Sell, lease, exchange or otherwise dispose of less than substantially all of its property whether or not in the usual and regular course of business.
(c) 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.
(d) Transfer any or all of its assets to one or more corporations or other entities, all of the shares or interests of which are owned by the corporation, unless the transfer is in connection with a plan or action involving the sale, exchange, or disposal of all or substantially all of the assets of the corporation and requires shareholder approval under s. 180.1202.
(2) Unless required by the articles of incorporation, approval by the shareholders of a transaction permitted in sub. (1) is not required.
History: 1989 a. 303; 1991 a. 16; 2005 a. 476.