Indiana § 23-17-18-2 Class voting

Indiana Statutes

§ 23-17-18-2 — Class voting

Indiana·Title 23 BUSINESS AND OTHER ASSOCIATIONS·Art. 17 NONPROFIT CORPORATIONS·Ch. 18 Amendment of Bylaws

(a)The members of a class in a public benefit corporation may vote as a separate voting group on a proposed amendment to the bylaws if the amendment would change the rights of that 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 bylaws if the amendment would do 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, privil

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(a) The members of a class in a public benefit
corporation may vote as a separate voting group on a proposed
amendment to the bylaws if the amendment would change the rights of
that 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 bylaws if
the amendment would do 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, 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, reclassification, or termination of all or
part 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 bylaws only if
a class vote is provided for in articles of incorporation or bylaws.
(d) If:
(1) a class is to be divided into at least two (2) classes as approved
by the members of each class that would be created by the
amendment; and
(2) a class vote is required to approve an amendment to the
bylaws;
the amendment must be approved by the members of the class by a
majority of the votes cast by the class.
(e) A class of members has the voting rights granted by this section
although the articles of incorporation and bylaws provide that the class
may not vote on the proposed amendment.