1. (a) A corporation may, on the terms and conditions and for the consideration determined by the board of directors, do the following:

   1. (1) Sell, lease, exchange, or otherwise dispose of all, or substantially all, of the corporation's property in the usual and regular course of the corporation's activities.
   2. (2) Mortgage, pledge, dedicate to the repayment of indebtedness, with or without recourse, or otherwise encumber the corporation's property whether or not in the usual and regular course of the corporation's activities.
2. (b) Unless articles of incorporation require approval of the members or any other person of a transaction described in subsection (a) is not required.

As added by P.L.179-1991, SEC.1.