§ 23-1-43-23 — Inadvertent interested shareholder; application of chapter

Indiana § 23-1-43-23

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

Text

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.

Legislative History

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