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·Art. 14 AGRICULTURAL FAIRS, ASSOCIATIONS, AND·Ch. 5 Agricultural Societies, Associations, and Corporations

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.]

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