If the sale of substantially all of a corporation's assets takes place in the usual and regular course of business, approval by neither the board nor shareholders is required.

Question

Quizplus · Accepted Answer

Approval by the board and possibly shareholders is typically required for the sale of substantially all of a corporation's assets, even if it occurs in the usual and regular course of business, as it significantly affects the corporation's structure and operations.

If the Sale of Substantially All of a Corporation's Assets