§ 23-6-4-15 — Powers of members and shareholders; voting rights

Indiana § 23-6-4-15

• Jurisdiction: Indiana
• Title 23: BUSINESS AND OTHER ASSOCIATIONS
• Art. 6: PUBLIC CORPORATIONS AND ASSOCIATIONS
• Ch. 4: Indiana Business Development Credit Corporation Law

Text

(a) Only the members and shareholders of a
credit corporation may exercise the following powers of the credit
corporation:
(1) To elect directors of the credit corporation as provided in
section 16 of this chapter.
(2) To amend the credit corporation's articles of incorporation as
provided in section 17 of this chapter.
(3) To dissolve the credit corporation as provided in section 19 of
this chapter.
(4) To exercise such other of the powers of the credit corporation,
consistent with this chapter, as may be conferred on the members
and shareholders by the bylaws of the credit corporation.
(b) As to any matter requiring action by the members and
shareholders of the credit corporation, the members and shareholders
shall vote separately on that matter by classes. Except as otherwise
provided in this chapter, such a matter requires the affirmative vote of
at least a majority of the votes to which the members present or
represented at the meeting are entitled and the affirmative vote of at
least a majority of the votes to which the shareholders present or
represented at the meeting are entitled.
(c) Each shareholder has one (1) vote for each share of stock held
by the shareholder, and each member has one (1) vote. However,
additional votes may be granted to any member or group of members
by the articles of incorporation of the credit corporation.
(d) As to any matter requiring action by the members and
shareholders of a credit corporation, the members and shareholders
may vote either in person or by proxy.

Legislative History

As added by P.L.236-1985, SEC.1.