§ 23-6-4-19 — Period of existence; dissolution of corporation

Indiana § 23-6-4-19

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

Text

(a) The period of existence of a credit
corporation must be perpetual, subject to the right of the members and
shareholders to dissolve the corporation under subsection (b).
(b) The members and shareholders of a credit corporation may
dissolve the credit corporation. The members and shareholders shall
vote on a proposal to dissolve the credit corporation 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 to dissolve the credit corporation.
(c) Upon dissolution of a credit corporation, none of the credit
corporation's assets may be distributed to the shareholders until all
sums due the members and creditors of the credit corporation have
been paid in full.

Legislative History

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