Indiana § 23-1-42-9 Voting rights of acquired control shares; resolution

Indiana Statutes

§ 23-1-42-9 — Voting rights of acquired control shares; resolution

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

(a)Control shares acquired in a control share acquisition have the same voting rights as were accorded the shares before the control share acquisition only to the extent granted by resolution approved by the shareholders of the issuing public corporation.

(b)To be approved under this section, the resolution must be approved by:

(1)each voting group entitled to vote separately on the proposal by a majority of all the votes entitled to be cast by that voting group, with the holders of the outstanding shares of a class being entitled to vote as a separate voting group if the proposed control share acquisition would, if fully carried out, result in any of the changes described in IC 23-1-38-4(a); and

(2)each voting group entitled to vote separately on the proposal by a majority of all the

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(a) Control shares acquired in a control share
acquisition have the same voting rights as were accorded the shares
before the control share acquisition only to the extent granted by
resolution approved by the shareholders of the issuing public
corporation.
(b) To be approved under this section, the resolution must be
approved by:
(1) each voting group entitled to vote separately on the proposal
by a majority of all the votes entitled to be cast by that voting
group, with the holders of the outstanding shares of a class being
entitled to vote as a separate voting group if the proposed control
share acquisition would, if fully carried out, result in any of the
changes described in IC 23-1-38-4(a); and
(2) each voting group entitled to vote separately on the proposal
by a majority of all the votes entitled to be cast by that group,
excluding all interested shares.

Indiana § 23-1-42-9 (Voting rights of acquired control shares; resolution) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.