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. 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.
c. Transfer any or all of its property to a corporation all the shares of which are owned by the transferring corporation whether or not in the usual course of business.
2. Unless the articles of incorporation require it, approval by the shareholders of a transaction described in subsection 1 is not required.
89 Acts, ch 288, §129
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