Indiana § 28-1-8-4 Submission to shareholders; vote required; exception for corporation
in danger of insolvency

Indiana Statutes

§ 28-1-8-4 — Submission to shareholders; vote required; exception for corporation in danger of insolvency

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

If a resolution proposing a disposition described
in section 1 of this chapter is approved by the department, the
resolution may then be submitted to the shareholders at the annual
meeting or a special meeting. The resolution shall be authorized upon
receiving the affirmative votes of two-thirds (2/3) of the outstanding
shares. However, the department may permit the resolution to be
authorized without receiving shareholder approval if the corporation
whose assets are to be disposed of is in danger of insolvency.
Formerly: Acts 1933, c.40, s.140. As amended by P.L.122-1994,
SEC.76; P.L.159-2017, SEC.29.

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If a resolution proposing a disposition described
in section 1 of this chapter is approved by the department, the
resolution may then be submitted to the shareholders at the annual
meeting or a special meeting. The resolution shall be authorized upon
receiving the affirmative votes of two-thirds (2/3) of the outstanding
shares. However, the department may permit the resolution to be
authorized without receiving shareholder approval if the corporation
whose assets are to be disposed of is in danger of insolvency.
Formerly: Acts 1933, c.40, s.140. As amended by P.L.122-1994,
SEC.76; P.L.159-2017, SEC.29.

Indiana § 28-1-8-4 (Submission to shareholders; vote required; exception for corporation in danger of insolvency) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.