§ 23-1-42-10 — Redemption of acquired control shares

Indiana § 23-1-42-10

• Jurisdiction: Indiana
• Title 23: BUSINESS AND OTHER ASSOCIATIONS
• Art. 1: INDIANA BUSINESS CORPORATION LAW
• Ch. 42: Control Share Acquisitions

Text

(a) If authorized in a corporation's articles of
incorporation or bylaws before a control share acquisition has occurred,
control shares acquired in a control share acquisition with respect to
which no acquiring person statement has been filed with the issuing
public corporation may, at any time during the period ending sixty (60)
days after the last acquisition of control shares by the acquiring person,
be subject to redemption by the corporation at the fair value thereof
pursuant to the procedures adopted by the corporation.
(b) Control shares acquired in a control share acquisition are not
subject to redemption after an acquiring person statement has been
filed unless the shares are not accorded full voting rights by the
shareholders as provided in section 9 of this chapter.

Legislative History

As added by P.L.149-1986, SEC.26.