§ 28-13-6-6 — Separate voting group; action on matter at meeting by less than group majority vote; quorum required for approval; law governing election of directors

Indiana § 28-13-6-6

• Jurisdiction: Indiana
• Art. 13: CORPORATE GOVERNANCE
• Ch. 6: Voting by Shareholders

Text

(a) Shares entitled to vote as a separate voting
group may take action on a matter at a meeting only if a quorum of
those shares exists with respect to that matter. Unless the articles of
incorporation or this article require a greater number, a majority of the
votes entitled to be cast on the matter by the voting group constitutes
a quorum of that voting group for action on that matter.
(b) Once a share is represented for any purpose at a meeting, the
share is considered present for quorum purposes for the remainder of
the meeting and for any adjournment of that meeting unless a new
record date is or must be set for that adjourned meeting.
(c) If a quorum exists, action on a matter other than the election of
directors by a voting group is approved if the votes cast within the
voting group favoring the action exceed the votes cast opposing the
action, unless the articles of incorporation or this article require a
greater number of affirmative votes.
(d) The election of directors is governed by section 9 of this chapter.
(e) Any number of members represented either in person or by
proxy constitutes a quorum of members at a regular or special members
meeting of a mutual savings bank or a mutual savings association.

Legislative History

As added by P.L.14-1992, SEC.163. Amended by P.L.122-1994, SEC.120; P.L.79-1998, SEC.91.