§ 23-1-43-18 — Business combination with interested shareholder within five years of share acquisition date

Indiana § 23-1-43-18

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

Text

(a) Notwithstanding any other provision of
this article (except sections 20 through 24 of this chapter), a resident
domestic corporation may not engage in any business combination with
any interested shareholder of the resident domestic corporation for a
period of five (5) years following the interested shareholder's share
acquisition date unless the business combination or the purchase of
shares made by the interested shareholder on the interested
shareholder's share acquisition date is approved by the board of
directors of the resident domestic corporation before the interested
shareholder's share acquisition date.
(b) If a good faith proposal regarding a business combination is
made in writing to the board of directors of the resident domestic
corporation, the board of directors shall respond, in writing, within
thirty (30) days or such shorter period, if any, as may be required by the
Exchange Act, setting forth its reasons for its decision regarding the
proposal.
(c) If a good faith proposal to purchase shares is made in writing to
the board of directors of the resident domestic corporation, the board
of directors, unless it responds affirmatively in writing within thirty
(30) days or such shorter period, if any, as may be required by the
Exchange Act, is considered to have disapproved the share purchase.

Legislative History

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