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A corporation owns one factory and all of its manufacturing equipment. Its president signs a contract to sell the factory, equipment, customer list, and trade name to a competitor. The sale is outside the ordinary course and would leave the corporation with no operating business.
What approvals are generally required?

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A sale of substantially all assets outside the ordinary course generally requires board approval and shareholder approval. A sale of substantially all assets outside the ordinary course is always void even if approved. A sale of substantially all assets outside the ordinary course needs no approval if the buyer pays cash. A sale of substantially all assets outside the ordinary course generally requires only the president's signature.

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