§ 28-1-8-2 — Resolution proposing sale or other disposition; submission to shareholders

Indiana § 28-1-8-2

• Jurisdiction: Indiana
• Art. 1: DEPARTMENT OF FINANCIAL INSTITUTIONS
• Ch. 8: Sale of Banks, Trust Companies, and Building and Loan

Text

(a) A sale, lease, exchange, or other disposition
described in section 1 of this chapter must first be proposed by the
board of directors by the adoption of a resolution that:
(1) sets forth the terms and conditions of the sale, lease, exchange,
or other disposition; and
(2) directs that the proposed disposition be submitted to a vote of
the shareholders at the annual meeting or a special meeting.
(b) The meeting described in subsection (a)(2) shall:
(1) be called in the resolution required by subsection (a); and
(2) be in accordance with:
(A) IC 28-13-5-8, in the case of a corporation other than a
credit union; and
(B) IC 28-7-1-14, in the case of a credit union.
Formerly: Acts 1933, c.40, s.138. As amended by P.L.263-1985,
SEC.38; P.L.14-1992, SEC.75; P.L.122-1994, SEC.74; P.L.27-2012,
SEC.45; P.L.159-2017, SEC.27.