Indiana § 27-1-10-4 Publication of notice of dissolution; payment of debts and liabilities;
distribution of remaining assets; disposal of unclaimed distributive
shares

Indiana Statutes

§ 27-1-10-4 — Publication of notice of dissolution; payment of debts and liabilities; distribution of remaining assets; disposal of unclaimed distributive shares

Indiana·Title 27 INSURANCE·Art. 1 DEPARTMENT OF INSURANCE·Ch. 10 Voluntary Dissolution

Upon authorization of the dissolution, the board of directors shall then proceed to:

(a)Cause a notice that the corporation is about to be dissolved to be published at least once in a newspaper of general circulation, printed and published in the English language, in the county in which the principal office of the corporation is located, and at least once in a newspaper of general circulation, printed and published in the English language in the city of Indianapolis, Marion County, Indiana, and to be mailed to each creditor of the corporation;

(b)Collect all of the corporate assets;

(c)Pay and discharge all of the corporate debts and liabilities; and

(d)After the expiration of a period of thirty (30) days following the publication and mailing of said notice, distribute the remaining co

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Upon authorization of the dissolution, the
board of directors shall then proceed to:
(a) Cause a notice that the corporation is about to be dissolved to be
published at least once in a newspaper of general circulation, printed
and published in the English language, in the county in which the
principal office of the corporation is located, and at least once in a
newspaper of general circulation, printed and published in the English
language in the city of Indianapolis, Marion County, Indiana, and to be
mailed to each creditor of the corporation;
(b) Collect all of the corporate assets;
(c) Pay and discharge all of the corporate debts and liabilities; and
(d) After the expiration of a period of thirty (30) days following the
publication and mailing of said notice, distribute the remaining
corporate assets and property among the shareholders, members or
policyholders according to their respective interests.
In case the holders of shares or policies are unknown or shall fail or
refuse to accept their distributive shares in such property and assets, or
are under any disability, or can not be found, after diligent inquiry or
in case the ownership of any shares or policies is in dispute, the board
of directors shall deposit the distributive portions of such shares of
stock or policies with the clerk of the circuit court in the county in
which the principal office is located for the use and benefit of those
who may be lawfully entitled thereto, and such deposit shall have the
same force and effect as if payment had been made directly to and
accepted by the persons lawfully entitled thereto. Such distributive
shares shall be paid over by such clerk to such shareholders or
policyholders, respectively, or to the lawful owner of the shares or
policies, the ownership of which has been in dispute, or to their
respective legal representatives, upon satisfactory proof being made to
such clerk of their respective rights thereto.
Formerly: Acts 1935, c.162, s.134.

Indiana § 27-1-10-4 (Publication of notice of dissolution; payment of debts and liabilities; distribution of remaining assets; disposal of unclaimed distributive shares) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.