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 § 28-1-8-4

Art. 1DEPARTMENT OF FINANCIAL INSTITUTIONS

Ch. 8Sale of Banks, Trust Companies, and Building and Loan

This text of Indiana § 28-1-8-4 (Submission to shareholders; vote required; exception for corporation in danger of insolvency) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ind. Code § 28-1-8-4 (2026).

Text

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.