Indiana Statutes
§ 23-1-28-4 — Basis for determination that distribution not prohibited
Indiana § 23-1-28-4
JurisdictionIndiana
Title 23BUSINESS AND OTHER ASSOCIATIONS
Art. 1INDIANA BUSINESS CORPORATION LAW
Ch. 28Distributions to Shareholders
This text of Indiana § 23-1-28-4 (Basis for determination that distribution not prohibited) 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 § 23-1-28-4 (2026).
Text
The board of directors may base a
determination that a distribution is not prohibited under section 3 of
this chapter either on financial statements prepared on the basis of
accounting practices and principles that are reasonable in the
circumstances or on a fair valuation or other method that is reasonable
in the circumstances.
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Legislative History
As added by P.L.149-1986, SEC.12.
Nearby Sections
15
§ 23-0.5-1-1
Short title§ 23-0.5-1-2
Application§ 23-0.5-1-3
Application; exceptions§ 23-0.5-1-4
Delivery of record§ 23-0.5-1-5
Rules and procedures§ 23-0.5-1-6
Terms dependent on facts ascertainable outside the plan or filed
document; articles of amendment§ 23-0.5-1.5-1
Application of definitions§ 23-0.5-1.5-10
"Filed record"§ 23-0.5-1.5-11
"Filing entity"§ 23-0.5-1.5-12
"Foreign"§ 23-0.5-1.5-13
"General partnership"§ 23-0.5-1.5-14
"Governance interest"§ 23-0.5-1.5-15
"Governing person"§ 23-0.5-1.5-16
"Interest"§ 23-0.5-1.5-17
"Interest holder"Cite This Page — Counsel Stack
Bluebook (online)
Indiana § 23-1-28-4, Counsel Stack Legal Research, https://law.counselstack.com/statute/in/23-1-28-4.