§ 27-1-10-2 — Submission of question of dissolution; vote of shareholders, members, or policyholders

Indiana § 27-1-10-2

• Jurisdiction: Indiana
• Title 27: INSURANCE
• Art. 1: DEPARTMENT OF INSURANCE
• Ch. 10: Voluntary Dissolution

Text

Any corporation organized under the
provisions of this article may liquidate its affairs and dissolve in the
following manner:
(1) Whenever the board of directors by a resolution adopted by a
majority vote of the members of such board shall deem it advisable to
submit the question of dissolution, or whenever the board of directors
shall be required in writing by the holders of a majority of the
outstanding shares of capital stock, if a stock company, or a majority
of the members or policyholders, if other than a stock company, to
submit the question of dissolution, the board of directors shall submit
the question of dissolving the company to a vote of the shareholders,
members, or policyholders of a company entitled to vote in respect
thereof at such meeting thereof as may be designated in such request,
or, in the absence of such request or of such designation, in such
resolution, the designated meeting may be an annual meeting of
shareholders, members or policyholders, entitled to vote in respect
thereof. If the designated meeting is an annual meeting, notice of the
submission of the question of dissolution shall be included in the notice
of such annual meeting. If the designated meeting is a special meeting
of the shareholders, members, or policyholders entitled to vote in
respect thereof, such special meeting shall be called by the board of
directors, and notice of such meeting shall be given at the time and in
the manner as provided in IC 27-1-7-7.
(2) The question of dissolving the corporation shall be submitted to
a vote of the shareholders, members, or policyholders entitled to vote
in respect thereof at the meeting designated as provided in this section,
and the dissolution shall be authorized upon receiving the affirmative
votes of the holders of two-thirds (2/3) of the outstanding shares
entitled to vote in respect thereof, if a stock company, or not less than
two-thirds (2/3) of the members or policyholders entitled to vote, if
other than a stock company. The shareholders, members, or
policyholders of a corporation entitled to vote in respect to dissolution
of the corporation shall be the shareholders entitled to vote under IC 27-1-7-8 and the members or policyholders entitled to vote under IC 27-1-7-9.
Formerly: Acts 1935, c.162, s.132. As amended by
P.L.252-1985, SEC.48.