§ 28-1-8-5 — Dissenting shareholders; effective date of disposition; inapplicability to credit unions, mutual savings banks, and mutual savings associations

(a) This section does not apply to a shareholder
of a credit union that is the subject of a proposed transaction
concerning the sale, lease, exchange, or other disposition of the credit
union's property or assets under this chapter.
(b) Subject to subsection (d), the rights of dissenting shareholders
in the case of a merger or consolidation, as set forth in IC 28-1-7-21,
apply to the sale, lease, exchange, or other disposition of the property
and assets of a corporation under this chapter. Any dissenting
shareholder shall have such rights and remedies as provided for in IC 28-1-7-21.
(c) For purposes of the application of IC 28-1-7-21 to this chapter,
the "effective date" of a sale, lease, exchange, or other disposition
under this chapter, within the meaning of IC 28-1-7-21, is the date
upon which the disposition was authorized by the shareholders of the
corporation.
(d) In a proposed disposition described in section 3(b) of this
chapter, if the corporation that is the subject of the proposed
disposition is a mutual savings bank or a mutual savings association,
the rights and remedies for dissenting shareholders set forth in IC 28-1-7-21 do not apply.
Formerly: Acts 1933, c.40, s.141. As amended by P.L.263-1985,
SEC.40; P.L.122-1994, SEC.77; P.L.27-2012, SEC.47; P.L.159-2017,
SEC.30.