Indiana § 15-14-5-3 Authority to sell property, pay obligations, and distribute proceeds to
shareholders

Indiana Statutes

§ 15-14-5-3 — Authority to sell property, pay obligations, and distribute proceeds to shareholders

Indiana § 15-14-5-3

Art. 14AGRICULTURAL FAIRS, ASSOCIATIONS, AND

Ch. 5Agricultural Societies, Associations, and Corporations

This text of Indiana § 15-14-5-3 (Authority to sell property, pay obligations, and distribute proceeds to shareholders) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ind. Code § 15-14-5-3 (2026).

Text

A society, an association, or a corporation described in section 1 of this chapter may:

(1)upon authority granted by the votes of those holding two-thirds (2/3) of the shares of stock:

(A)sell; and

(B)convey by deed all or any part of its grounds and property at any time; and

(2)use the proceeds obtained from the sale in payment of its obligations, or for other and usual corporate purposes, in the same manner as corporations generally are authorized to do. After payment of its obligations the society, association, or corporation may distribute the proceeds among the shareholders. [Pre-2008 Recodification Citation: 15-1-10-2.]

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A society, an association, or a corporation
described in section 1 of this chapter may:
(1) upon authority granted by the votes of those holding
two-thirds (2/3) of the shares of stock:
(A) sell; and
(B) convey by deed all or any part of its grounds and property
at any time; and
(2) use the proceeds obtained from the sale in payment of its
obligations, or for other and usual corporate purposes, in the same
manner as corporations generally are authorized to do.
After payment of its obligations the society, association, or corporation
may distribute the proceeds among the shareholders.
[Pre-2008 Recodification Citation: 15-1-10-2.]