§ 23-1-42-7 — Special meeting of shareholders

Indiana § 23-1-42-7

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

Text

(a) If the acquiring person so requests at the
time of delivery of an acquiring person statement and gives an
undertaking to pay the corporation's expenses of a special meeting,
within ten (10) days thereafter, the directors of the issuing public
corporation shall call a special meeting of shareholders of the issuing
public corporation for the purpose of considering the voting rights to
be accorded the shares acquired or to be acquired in the control share
acquisition.
(b) Unless the acquiring person agrees in writing to another date, the
special meeting of shareholders shall be held within fifty (50) days
after receipt by the issuing public corporation of the request.
(c) If no request is made, the voting rights to be accorded the shares
acquired in the control share acquisition shall be presented to the next
special or annual meeting of shareholders.
(d) If the acquiring person so requests in writing at the time of
delivery of the acquiring person statement, the special meeting must
not be held sooner than thirty (30) days after receipt by the issuing
public corporation of the acquiring person statement.

Legislative History

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