Virginia § 13.1-723 - Disposition of assets not requiring shareholder approval
Full text of Virginia Code of Virginia § 13.1-723 — Disposition of assets not requiring shareholder approval, with citation guidance and answers to common questions.
§ 13.1-723. Disposition of assets not requiring shareholder approval
Unless the articles of incorporation otherwise provide, no approval of the shareholders of a corporation is required:
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, whether or not in the usual and regular course of business;
3. To transfer any or all of the corporation's assets to one or more domestic or foreign corporations or eligible entities all the shares or interests of which are owned by the corporation; or
4. To distribute assets pro rata to the holders of one or more classes or series of the corporation's shares.
Code 1950, §§ 13-83, 13-84, 13.1-77; 1954, c. 499; 1956, c. 428; 1968, c. 109; 1971, Ex. Sess., c. 117; 1975, c. 500; 1985, c. 522; 1994, c. 710; 2003, c. 728; 2005, c. 765; 2019, c. 734.
Source: official Virginia text · Last verified 2026-08-27
Frequently Asked Questions About Virginia § 13.1-723
What does Code of Virginia § 13.1-723 cover?
Section 13.1-723 ("Disposition of assets not requiring shareholder approval") is part of the Code of Virginia, the codified statutory law of Virginia. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Virginia § 13.1-723?
A common citation format is "Code of Virginia § 13.1-723" (Virginia). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Virginia law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Virginia official source linked on this page or consult a licensed Virginia attorney.
How does Virginia § 13.1-723 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Virginia can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Virginia.