§ 23-17-17-6 — Public benefit, mutual benefit, or religious corporation; vote by members of class

Indiana § 23-17-17-6

• Jurisdiction: Indiana
• Title 23: BUSINESS AND OTHER ASSOCIATIONS
• Art. 17: NONPROFIT CORPORATIONS
• Ch. 17: Amendment of Articles of Incorporation

Text

(a) The members of a class in a public benefit
corporation may vote as a separate voting group on a proposed
amendment to the articles of incorporation if the amendment would
change the rights of the class as to voting in a manner different than the
amendment affects another class or members of another class.
(b) The members of a class in a mutual benefit corporation may vote
as a separate voting group on a proposed amendment to the articles of
incorporation if the amendment would do any of the following:
(1) Affect the rights, privileges, preferences, restrictions, or
conditions of the class as to voting, dissolution, redemption, or
transfer of memberships in a manner different than the
amendment would affect another class.
(2) Change the rights, privileges, preferences, restrictions, or
conditions of the class as to voting, dissolution, redemption, or
transfer by changing the rights, privileges, preferences,
restrictions, or conditions of another class.
(3) Increase or decrease the number of memberships authorized
for the class.
(4) Increase the number of memberships authorized for another
class.
(5) Effect an exchange, a reclassification, or the termination of the
memberships of the class.
(6) Authorize a new class of memberships.
(c) The members of a class of a religious corporation may vote as a
separate voting group on a proposed amendment to the articles of
incorporation only if a class vote is provided for in articles of
incorporation or bylaws.
(d) If a class is to be divided into two (2) or more classes as a result
of an amendment to the articles of incorporation of a public benefit or
mutual benefit corporation, the amendment must be approved by the
members of each class that would be created by the amendment.
(e) Except as provided in articles of incorporation or bylaws of a
religious corporation, if a class vote is required to approve an
amendment to the articles of incorporation of a corporation, the
amendment must be approved by the members of the class by a
majority of the votes cast by the class.
(f) A class of members of a public benefit or mutual benefit
corporation may have the voting rights granted by this section although
articles of incorporation and bylaws provide that the class may not vote
on the proposed amendment.

Legislative History

As added by P.L.179-1991, SEC.1.