In Order to Lease Substantially All of a Corporation's Assets

question 53

Multiple Choice

In order to lease substantially all of a corporation's assets not in the usual course of business:

• A) shareholder approval is necessary.
• B) shareholder approval is required if so determined by a subjective test under the 1999 amendments to the Revised Act.
• C) approval of the board and the majority of the corporation's outstanding shares is required; dissenting shareholders do not usually have an appraisal remedy.
• D) shareholder approval is unnecessary, unlike for the sale of assets.