Indiana § 27-1-7-4 Shares of stock; classes; sale for less than par; shareholders' liability;
preemptive rights

Indiana Statutes

§ 27-1-7-4 — Shares of stock; classes; sale for less than par; shareholders' liability; preemptive rights

Indiana·Title 27 INSURANCE·Art. 1 DEPARTMENT OF INSURANCE·Ch. 7 General Corporate Powers and Responsibilities of

(a)Every stock company organized under this article shall have the right, when authorized by its articles of incorporation, to issue one (1) or more classes or kinds of shares of capital stock, any or all of which classes or kinds may consist of shares with par value or shares without par value, with full, limited, or no voting powers as provided in the articles of incorporation and with such designations, and such relative rights, preferences, qualifications, limitations, or restrictions as shall be stated and expressed in the articles of incorporation.

(b)No stock company organized under this article shall issue or sell any of its shares of stock having a par value for less than the par value thereof.

(c)The shareholders of any stock company organized under this article shall be liabl

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(a) Every stock company organized under this
article shall have the right, when authorized by its articles of
incorporation, to issue one (1) or more classes or kinds of shares of
capital stock, any or all of which classes or kinds may consist of shares
with par value or shares without par value, with full, limited, or no
voting powers as provided in the articles of incorporation and with such
designations, and such relative rights, preferences, qualifications,
limitations, or restrictions as shall be stated and expressed in the
articles of incorporation.
(b) No stock company organized under this article shall issue or sell
any of its shares of stock having a par value for less than the par value
thereof.
(c) The shareholders of any stock company organized under this
article shall be liable for the debts of such stock company only to the
extent of any unpaid portion of their subscriptions for shares of such
company or any unpaid portion of the consideration for the issuance to
them of shares of such stock company.
(d) The shareholders of such stock company shall not have
preemptive rights to subscribe to any additional issues of shares of the
capital stock of such company, except to the extent, if any, that such
rights shall be fixed and prescribed in the articles of incorporation, or
in a bylaw adopted by the board of directors of such stock company.
Formerly: Acts 1935, c.162, s.82; Acts 1969, c.164, s.3. As
amended by P.L.252-1985, SEC.26.

Indiana § 27-1-7-4 (Shares of stock; classes; sale for less than par; shareholders' liability; preemptive rights) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.