§ 28-1-7-5 — Submission of merger agreement; vote required

The agreement of merger shall be submitted to
a vote of the shareholders of each corporation, at the meeting directed
by the resolution of the board of directors of each corporation, and the
agreement shall be adopted by each corporation upon receiving the
affirmative votes of the holders of a majority of the outstanding shares
of the capital stock of the corporation. A mutual savings association or
mutual savings bank shall adopt the agreement upon receiving the
affirmative vote of fifty-one percent (51%) or more of the votes cast at
the meeting called to consider such agreement of merger.
Formerly: Acts 1933, c.40, s.118; Acts 1959, c.348, s.1. As
amended by P.L.122-1994, SEC.46; P.L.79-1998, SEC.37;
P.L.90-2008, SEC.22.