§ 23-1-43-11 — "Market value" defined

As used in this chapter, "market value",
when used in reference to shares or property of any resident domestic
corporation, means the following:
(1) In the case of shares, the highest closing sale price of a share
during the thirty (30) day period immediately preceding the date
in question on the composite tape for New York Stock Exchange
listed shares, or, if the shares are not quoted on the composite tape
or not listed on the New York Stock Exchange, on the principal
United States securities exchange registered under the Exchange
Act on which the shares are listed, or, if the shares are not listed
on any such exchange, the highest closing bid quotation with
respect to a share during the thirty (30) day period preceding the
date in question on the National Association of Securities Dealers,
Inc. Automated Quotations System or any system then in use, or
if no such quotation is available, the fair market value on the date
in question of a share as determined by the board of directors of
the resident domestic corporation in good faith.
(2) In the case of property other than cash or shares, the fair
market value of the property on the date in question as determined
by the board of directors of the resident domestic corporation in
good faith.

Legislative History

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