§ 28-1-9-5 — Liquidating agent; appointment; powers

Indiana § 28-1-9-5

• Jurisdiction: Indiana
• Art. 1: DEPARTMENT OF FINANCIAL INSTITUTIONS
• Ch. 9: Voluntary Dissolution of Banks, Trust Companies, and

Text

Upon the authorization of the dissolution by the
shareholders, the board of directors, with the approval of the
department, shall appoint one (1) or more liquidating agents, and their
successors, designated as "agent" in this chapter, to act for and on
behalf of the corporation, which agent shall have the power and
authority to liquidate such corporation subject to such limitations as
may be imposed by the board of directors not inconsistent with the
provisions of this article. Such agent shall proceed to:
(a) cause a notice that the corporation is about to be dissolved to
be published once in a newspaper of general circulation in the
county in which the principal office of the corporation is located;
(b) dispose of all trust property as prescribed in section 7 of this
chapter, and all property of the kind described in IC 28-1-3.1-14,
in the same manner as a receiver is authorized to dispose of such
property;
(c) collect all of the corporate assets and, for that purpose, may
bring all actions, in his own name, that are necessary;
(d) enforce and collect, in his own name, the liability imposed by
law upon shareholders, in the same manner and to the same extent
as a receiver is authorized to enforce and collect such liability
upon involuntary liquidation, as provided in IC 28-1-3.1-15;
(e) pay and discharge all of the corporate debts and liabilities in
the same manner as is prescribed for a receiver in IC 28-1-3.1-6;
and
(f) distribute the remaining corporate assets and property among
the shareholders or such other persons as may be designated in
the articles of incorporation, according to their respective
interests, after the provisions of subdivisions (a) through (e) of
this section shall have been fully complied with.
Formerly: Acts 1933, c.40, s.146. As amended by P.L.263-1985,
SEC.44.