§ 28-3-1-2 — Sequence of payments; dissenting stockholders

Indiana § 28-3-1-2

• Jurisdiction: Indiana
• Art. 3: LIQUIDATION, REORGANIZATION, AND
• Ch. 1: Liquidation of Banks

Text

Upon the filing and approval of such bond, the
officers of any such bank, shall without delay, proceed with the
liquidation of its business by first paying all of its depositors in full,
and when all of such depositors have been paid in full, the holders of
the capital stock of such bank shall appoint a committee of not more
than three (3) persons to completely liquidate and pay all of its other
liabilities, and to distribute all the remaining assets of said bank, share
and share alike, to the owners of its capital in proportion to the shares
of its capital stock respectively owned by them and then outstanding:
Provided, however, that the owners of shares of its capital stock who
did not approve of such liquidation shall, if they so demand, be paid the
full par value of their shares within six (6) months from the time of the
filing of such petition and such shares shall be cancelled and said
owners shall not be entitled to any further share in any distribution of
the assets of said bank.
Formerly: Acts 1943, c.39, s.2.