Indiana Statutes
§ 23-1.5-3-2 — Authority to purchase shares from disqualified persons
Indiana § 23-1.5-3-2
JurisdictionIndiana
Title 23BUSINESS AND OTHER ASSOCIATIONS
Art. 1.5PROFESSIONAL CORPORATIONS
Ch. 3Ownership
This text of Indiana § 23-1.5-3-2 (Authority to purchase shares from disqualified persons) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
Bluebook
Ind. Code § 23-1.5-3-2 (2026).
Text
A professional corporation may purchase its
own shares from a disqualified person without regard to the availability
of capital or earned surplus for the purchase; however, no purchase of
or payment for its own shares may be made at a time when the
corporation is insolvent or when the purchase or payment would make
it insolvent.
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Legislative History
As added by P.L.239-1983, SEC.1.
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"Cite This Page — Counsel Stack
Bluebook (online)
Indiana § 23-1.5-3-2, Counsel Stack Legal Research, https://law.counselstack.com/statute/in/23-1.5-3-2.