Section 14-3-1201. Sale or other disposal of assets in usual course of activities; mortgage or other encumbrance of assets

   Unless otherwise provided by this chapter, the articles, or bylaws, a corporation may on the terms and conditions, for the consideration determined by the board of directors, and without the approval of the members or any other person:

   (1) Sell, lease, exchange, or otherwise dispose of all, or substantially all, of its property in the usual and regular course of its activities; or

   (2) Mortgage, pledge, dedicate to the repayment of indebtedness (whether with or without recourse), or otherwise encumber any or all of its property whether or not in the usual and regular course of its activities.

Code 1981, § 14-3-1201, enacted by Ga. L. 1991, p. 465, § 1.