Indiana Statutes
§ 23-1-43-23 — Inadvertent interested shareholder; application of chapter
Indiana·Title 23 BUSINESS AND OTHER ASSOCIATIONS·Art. 1 INDIANA BUSINESS CORPORATION LAW·Ch. 43 Business Combinations
This chapter does not apply to any business combination of a resident domestic corporation with an interested shareholder of the resident domestic corporation who became an interested shareholder inadvertently, if the interested shareholder:
(1)as soon as practicable, divests itself of a sufficient amount of
the voting shares of the corporation so that it no longer is the
beneficial owner (directly or indirectly) of ten percent (10%) or
more of the outstanding voting shares of the resident domestic
corporation; and
(2)would not at any time within the five (5) year period preceding
the announcement date with respect to the business combination
have been an interested shareholder but for the inadvertent
acquisition.
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Legislative History
As added by P.L.149-1986, SEC.27.
Nearby Sections
15
§ 23-0.5-1-1
Short title§ 23-0.5-1-2
Application§ 23-0.5-1-3
Application; exceptions§ 23-0.5-1-4
Delivery of record§ 23-0.5-1-5
Rules and procedures§ 23-0.5-1-6
Terms dependent on facts ascertainable outside the plan or filed
document; articles of amendment§ 23-0.5-1.5-1
Application of definitions§ 23-0.5-1.5-10
"Filed record"§ 23-0.5-1.5-11
"Filing entity"§ 23-0.5-1.5-12
"Foreign"§ 23-0.5-1.5-13
"General partnership"§ 23-0.5-1.5-14
"Governance interest"§ 23-0.5-1.5-15
"Governing person"§ 23-0.5-1.5-16
"Interest"§ 23-0.5-1.5-17
"Interest holder"