§ 23-13-5-5 — Assignment of capital stock of institution to board of directors or trustees

And at the same meeting of stockholders
mentioned in section 3 of this chapter, or at any meeting of
stockholders called for the purpose by the board of directors or trustees
of such institution, upon not less than four (4) advertisements therefor,
once a week for four (4) successive weeks preceding such meeting,
printed in two (2) newspapers of general circulation published in the
city of Indianapolis, Indiana, giving the date and place of such meeting,
and the matters to be considered and acted upon thereat, the
stockholders of said corporation created before March 3, 1909, and
existing on March 3, 1909, may, by the vote of two-thirds (2/3) in value
of all the stock of such corporation, vote that all the capital stock of the
corporation shall be assigned and turned over to the directors or
trustees of the corporation to be held by said directors for the benefit
of the corporation. Upon such vote, the directors or trustees and their
successors are and shall be authorized to hold for the benefit of said
corporation exclusively and to vote any stock that may be so assigned
and turned over to them. And when all the stock of said corporation
shall, by virtue of the provisions of this chapter or otherwise, have
come under the control or ownership of said directors or trustees, then
they shall cancel the entire capital stock of such corporation, and such
corporation shall cease to be represented in any sense by capital stock.
Formerly: Acts 1909, c.52, s.4. As amended by P.L.34-1987,
SEC.346.