§ 23-6-4-17 — Amendment of articles of incorporation

Indiana § 23-6-4-17

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

Text

(a) Subject to subsection (b), a credit
corporation's articles of incorporation may be amended by the members
and shareholders of the corporation. The members and shareholders
shall vote on proposed amendments in the manner prescribed by
section 15 of this chapter. However, the affirmative vote of at least
two-thirds (2/3) of the votes to which each class is entitled is required
for adoption of an amendment.
(b) An amendment to the articles of incorporation that is
inconsistent with the general purposes expressed in this chapter or that
authorizes any additional class of capital stock to be issued may not be
adopted. In addition, an amendment of the articles of incorporation
that:
(1) increases the obligation of a member to make loans to the
credit corporation;
(2) makes any change in the principal amount, interest rate,
maturity date, or security or credit position of any outstanding
loan of a member to the credit corporation; or
(3) affects a member's voting rights;
may not be made without the consent of each member affected by the
amendment.
(c) An amendment to the articles of incorporation of a credit
corporation shall be filed with the secretary of state. The amendment
takes effect on the date of that filing.

Legislative History

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