Indiana § 23-17-15-5.5 Mutual benefit corporations; proxy voting for electric cooperatives

Indiana Statutes

§ 23-17-15-5.5 — Mutual benefit corporations; proxy voting for electric cooperatives

Indiana § 23-17-15-5.5

Title 23BUSINESS AND OTHER ASSOCIATIONS

Art. 17NONPROFIT CORPORATIONS

Ch. 15Meetings and Action of Board of Directors

This text of Indiana § 23-17-15-5.5 (Mutual benefit corporations; proxy voting for electric cooperatives) 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 § 23-17-15-5.5 (2026).

Text

5.

(a)This section applies only to a mutual benefit corporation that:

(1)is an electric cooperative; and

(2)has at least one (1) member that is a corporation formed under IC 8-1-13.

(b)A director of a mutual benefit corporation described in subsection (a) may vote in person or by proxy.

(c)Unless articles of incorporation or bylaws limit proxy voting, a director of a mutual benefit corporation described in subsection (a) may appoint a proxy to act for the director. A director may appoint a proxy by signing an appointment form:

(1)personally; or

(2)by attorney-in-fact.

(d)A proxy appointed under subsection (c) must be another member of the board of directors of the member that is represented by the director who appoints the proxy.

(e)An appointment of a proxy is effective when rece

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5. (a) This section applies only to a mutual
benefit corporation that:
(1) is an electric cooperative; and
(2) has at least one (1) member that is a corporation formed under
IC 8-1-13.
(b) A director of a mutual benefit corporation described in
subsection (a) may vote in person or by proxy.
(c) Unless articles of incorporation or bylaws limit proxy voting, a
director of a mutual benefit corporation described in subsection (a) may
appoint a proxy to act for the director. A director may appoint a proxy
by signing an appointment form:
(1) personally; or
(2) by attorney-in-fact.
(d) A proxy appointed under subsection (c) must be another member
of the board of directors of the member that is represented by the
director who appoints the proxy.
(e) An appointment of a proxy is effective when received by the
secretary or other officer or agent authorized to tabulate votes. An
appointment is valid for eleven (11) months, unless the appointment
form conspicuously states that the appointment is for a shorter or
longer period.
(f) An appointment of a proxy is revocable by the proxy.
(g) The death of the director appointing a proxy does not affect the
right of the mutual benefit corporation to accept the proxy's authority
unless notice of the death is received by the secretary or other officer
or agent authorized to tabulate votes before the proxy exercises the
proxy's authority under the appointment.
(h) The incapacity of the director appointing a proxy does not affect
the right of the mutual benefit corporation to accept the proxy's
authority.
(i) Subject to any express limitation on the proxy's authority
appearing on the face of the appointment form, a mutual benefit
corporation described in subsection (a) may accept the proxy's vote or
other action as that of the director making the appointment.