§ 10-18-7-7 — Issuing stock; stock transfer; canceled stock

Indiana § 10-18-7-7

• Jurisdiction: Indiana
• Title 10: PUBLIC SAFETY
• Art. 18: WAR MEMORIALS
• Ch. 7: Memorial Corporations

Text

(a) The stock of a memorial corporation
consists of one (1) share for each five dollars ($5) of the permanent
fund belonging to the corporation. The secretary of the memorial
corporation shall issue to any person paying money into, or in any
manner augmenting, the permanent fund of the corporation a certificate
of stock for each five dollars ($5) in money or property in value. Each
stock certificate must be signed by the president and attested by the
secretary.
(b) Every share of stock that is issued is entitled to one (1) vote in
the election of officers. However, the vote must be cast by the owner
of the stock in person and not by an agent or a proxy.
(c) Stock in a memorial corporation may be assigned by the owner
or transferred by will. If the owner of any share of the stock dies
without having disposed of the stock by a will, the stock held by the
deceased owner is canceled. Canceled stock is referred to as "dead
stock", and all other stock is referred to as "active stock", and only the
owners of active stock may participate in election of officers of the
memorial corporation.
[Pre-2003 Recodification Citation: 10-7-12-7.]

Legislative History

As added by P.L.2-2003, SEC.9.