§ 23-1-43-10 — "Interested shareholder" defined

Indiana § 23-1-43-10

• Jurisdiction: Indiana
• Title 23: BUSINESS AND OTHER ASSOCIATIONS
• Art. 1: INDIANA BUSINESS CORPORATION LAW
• Ch. 43: Business Combinations

Text

(a) As used in this chapter, "interested
shareholder", when used in reference to any resident domestic
corporation, means any person (other than the resident domestic
corporation or any subsidiary of the resident domestic corporation) that
is:
(1) the beneficial owner, directly or indirectly, of ten percent
(10%) or more of the voting power of the outstanding voting
shares of the resident domestic corporation; or
(2) an affiliate or associate of the resident domestic corporation
and at any time within the five (5) year period immediately before
the date in question was the beneficial owner, directly or
indirectly, of ten percent (10%) or more of the voting power of the
then outstanding shares of the resident domestic corporation.
(b) For the purpose of determining whether a person is an interested
shareholder, the number of voting shares of the resident domestic
corporation considered to be outstanding includes shares considered to
be beneficially owned by the person through application of section 4 of
this chapter, but does not include any other unissued shares of voting
shares of the resident domestic corporation that may be issuable under
any agreement, arrangement, or understanding, or upon exercise of
conversion rights, warrants or options, or otherwise.

Legislative History

As added by P.L.149-1986, SEC.27.