A Corporation That Is Selling All of Its Assets Must

question 21

True/False

A corporation that is selling all of its assets must obtain approval only from its board of directors.

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Definitions:

Absorbed Corporations

companies that have been merged into or taken over by another corporation, losing their separate legal identity.

Right of Recovery

The legal right to seek compensation or restitution for a loss, damage, or injury suffered.

Surviving Corporation

In a merger or consolidation, the corporation that continues to exist, absorbing the business of the other entity.

Chose in Action

represents a personal right to property not yet in the holder's possession but recoverable by legal action.