§ 23-13-5-7 — Nonappearing stockholders; determination of value of shares

Indiana § 23-13-5-7

• Jurisdiction: Indiana
• Title 23: BUSINESS AND OTHER ASSOCIATIONS
• Art. 13: EDUCATIONAL INSTITUTIONS
• Ch. 5: Management of Educational Institutions Established

Text

Whenever a majority in value of the capital
stock of any such corporation existing on March 3, 1909, shall have
been assigned and turned over to the directors or trustees, as provided
for in sections 5 and 6 of this chapter, the directors or trustees of such
corporation may, if they see fit, cause to be filed in the circuit court or
superior court, if any, of the county where the institution is located the
petition of said institution, making defendant thereto any known
stockholder or stockholders, as shown by the stock register of the
corporation, or the stockholder's administrator and heirs (if the
stockholder is dead) including the surviving spouse and any unknown
heirs of such stockholder, and praying the court to appoint three (3)
disinterested persons to estimate and appraise the fair cash value of the
stock held by such persons. If it appear by affidavit that the name or
residence of any stockholder or defendant is unknown or that the
person is a nonresident of the state of Indiana, or that the person is
believed to be dead and that the names of the person's surviving spouse
and heirs or either are unknown, the clerk, by order of the court, shall
cause a notice of the pendency of such action and the term at which the
same will stand for trial to be published for three (3) weeks
successively in some newspaper of general circulation printed in the
English language and published in said county. And the value of such
shares having been so appraised by said commissioners, by a vote of a
majority thereof, when confirmed by the court, shall be final and
conclusive upon all parties. And thereupon said corporation shall be
decreed to be the purchaser and owner of such shares as against all
parties served with notice or against whom or the unknown surviving
spouse or heirs of whom publication was made as provided in this
section, at and for the value of their respective shares as fixed by such
appraisement; and said directors or trustees shall thereupon cause entry
of such purchase and ownership to be noted upon the stock register of
the corporation, and shall pay to the respective owners of such stock
the value thereof as fixed by said appraisement whenever the owners
shall present the certificate for such shares owned and assign the same
to such corporation or the directors or trustees thereof.
Formerly: Acts 1909, c.52, s.6. As amended by P.L.34-1987,
SEC.348.