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Idaho Code § 30-29-1201

Disposition of assets not requiring shareholder approval

Known as the Idaho Business Corporation Act

The act spans §§ 30-29-1001 to 30-29-935 (209 sections).

I.C., § 30-29 -1201, as added by 2015, ch. 243, § 67, p. 758; am. 2019, ch. 90, § 130, p. 220.

No approval of the shareholders is required, unless the articles of incorporation otherwise provide:

(1) To sell, lease, exchange, or otherwise dispose of any or all of the corporation’s assets in the usual and regular course of business;

(2) To mortgage, pledge, dedicate to the repayment of indebtedness, whether with or without recourse, or otherwise encumber any or all of the corporation’s assets, regardless of whether in the usual and regular course of business; or

(3) To transfer any or all of the corporation’s assets to one (1) or more domestic or foreign corporations or other entities all of the shares or interests of which are owned by the corporation; or

(4) To distribute assets pro rata to the holders of one (1) or more classes or series of the corporation’s shares.

Current official text: Idaho Statutes (Idaho Legislature). Digitized from the UniCourt Code Improvement Commission public-domain capture. Reproduced from public-domain Idaho statutes; confirm against the official source for the current text. Not legal advice.