(805 ILCS 105/111.55) (from Ch. 32, par. 111.55)
Sec. 111.55.
Sale, lease or exchange of assets in usual
and regular conduct of its affairs; mortgage or pledge of
assets. The sale, lease, exchange or other disposition of
all, or substantially all, the property and assets of a
corporation, when made in the usual and regular course of
the conduct of the affairs of the corporation, and a pledge
or mortgage of the property and assets of a corporation, may
be made upon such terms and conditions and for such
considerations, which may consist, in whole or in part, of
money or property, real or personal, including shares of any
other corporation for profit, domestic or foreign, as shall
be authorized by its board of directors; and in such case no
authorization or consent of the members entitled to vote
shall be required.
(Source: P.A. 84-1423.)
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