Nevada Revised Statutes 78.565 – Sale, lease or exchange of assets: Authority; vote of stockholders
1. Unless otherwise provided in the articles of incorporation, every corporation may, by action taken at any meeting of its board of directors, sell, lease or exchange all of its property and assets, including its goodwill and its corporate franchises, upon such terms and conditions as its board of directors may approve, when and as authorized by the affirmative vote of stockholders holding stock in the corporation entitling them to exercise at least a majority of the voting power.
Terms Used In Nevada Revised Statutes 78.565
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
2. Unless otherwise provided in the articles of incorporation, a vote of stockholders is not necessary:
(a) For a transfer of assets by way of mortgage, or in trust or in pledge to secure indebtedness of the corporation; or
(b) To abandon the sale, lease or exchange of assets.