§ 23-1-30-2 — Shares entitled to vote

Indiana § 23-1-30-2

• Jurisdiction: Indiana
• Title 23: BUSINESS AND OTHER ASSOCIATIONS
• Art. 1: INDIANA BUSINESS CORPORATION LAW
• Ch. 30: Voting by Shareholders

Text

(a) Except as provided in subsections (b) and
(c) or unless the articles of incorporation provide otherwise, each
outstanding share, regardless of class, is entitled to one (1) vote on each
matter voted on at a shareholders' meeting. Only shares are entitled to
vote.
(b) Absent special circumstances, the shares of a corporation are not
entitled to vote if they are owned, directly or indirectly, by a second
corporation, domestic or foreign, and the first corporation owns,
directly or indirectly, a majority of the shares entitled to vote for
directors of the second corporation.
(c) Subsection (b) does not limit the power of a corporation to vote
any shares, including its own shares, held by it in or for an employee
benefit plan or in any other fiduciary capacity.
(d) Redeemable shares are not entitled to vote after notice of
redemption is mailed to the holders and a sum sufficient to redeem the
shares has been deposited with a bank, trust company, or other
financial institution under an irrevocable obligation to pay the holders
the redemption price on surrender of the shares.

Legislative History

As added by P.L.149-1986, SEC.14.