§ 28-13-1-5 — Outstanding shares; limitation on reacquisition, redemption, or conversion; unlimited voting rights; right to assets on dissolution

Indiana § 28-13-1-5

• Jurisdiction: Indiana
• Art. 13: CORPORATE GOVERNANCE
• Ch. 1: Shares Generally

Text

(a) A corporation may issue the number of
shares of each class or series authorized by the articles of
incorporation. Shares that are issued are outstanding shares until the
shares are reacquired, redeemed, converted, or canceled.
(b) The reacquisition, redemption, or conversion of outstanding
shares is subject to the limitations of subsection (c) and to IC 28-13-3-3
and IC 28-13-4.
(c) At all times that shares of the corporation are outstanding, at
least one (1) share that together has unlimited voting rights and at least
one (1) share that together is entitled to receive the net assets of the
corporation upon dissolution must be outstanding.

Legislative History

As added by P.L.14-1992, SEC.163.