§ 15-12-1-32 — Issuance of various classes of stock

Indiana § 15-12-1-32

• Jurisdiction: Indiana
• Art. 12: AGRICULTURAL ASSISTANCE
• Ch. 1: Agricultural Cooperatives

Text

(a) If the board of directors of an association,
under authority expressly vested in the board by the articles of
incorporation, adopts a resolution that determines and states the
relative rights, preferences, limitations, or restrictions of any class or
classes of shares, or of any series of any class or classes, the association
may not issue any of such shares unless the association first presents in
duplicate in the office of the secretary of state, accompanied by the fees
prescribed by this chapter, a certificate signed by the secretary or
assistant secretary, and verified under oath by the president or a vice
president of the association, setting forth the resolution so adopted and
the time and manner of its adoption.
(b) Upon presentation of a certificate under subsection (a), the
secretary of state, if the secretary of state finds that the certificate
conforms to law and to the articles of incorporation of the association:
(1) shall endorse the secretary of state's approval on each copy of
the certificate; and
(2) when all fees have been paid as required by law, shall:
(A) file one (1) copy of the certificate in the secretary of state's
office;
(B) issue the secretary of state's certificate of approval and
filing; and
(C) forward to the association the secretary of state's certificate,
together with the other copy of the certificate of the officers of
the association bearing the endorsement of the secretary of
state's approval.
After the secretary of state takes the actions under subdivisions (1) and
(2), the association may issue the shares.
[Pre-2008 Recodification Citations: subsection (a) formerly
15-7-1-13(j) part; subsection (b) formerly 15-7-1-13(j) part.]

Legislative History

As added by P.L.2-2008, SEC.3.