Indiana § 36-12-10-11 Authority of lessor corporation to issue stocks, bonds, and other
securities; sale procedure

Indiana Statutes

§ 36-12-10-11 — Authority of lessor corporation to issue stocks, bonds, and other securities; sale procedure

Indiana·Title 36 LOCAL GOVERNMENT·Art. 12 LIBRARIES·Ch. 10 Leasing of Library Property

(a)A corporation qualifying as a lessor corporation under this chapter may, in furtherance of the corporation's purposes, issue and sell bonds and other securities. Mortgage bonds issued by a lessor corporation that are a first lien on the leased property are legal and proper investments for state banks and trust companies, insurance companies, and fiduciaries. The bonds may be callable, with or without premiums, with accrued and unpaid interest upon notice provided in the mortgage indenture.

(b)All bonds and other securities issued by the lessor corporation must be advertised and sold in accordance with IC 5-1-11 at any interest rate.

(c)The approval of the securities division of the secretary of state is not required in connection with the issuance and sale of bonds or other securitie

Free access — add to your briefcase to read the full text and ask questions with AI

(a) A corporation qualifying as a lessor
corporation under this chapter may, in furtherance of the corporation's
purposes, issue and sell bonds and other securities. Mortgage bonds
issued by a lessor corporation that are a first lien on the leased property
are legal and proper investments for state banks and trust companies,
insurance companies, and fiduciaries. The bonds may be callable, with
or without premiums, with accrued and unpaid interest upon notice
provided in the mortgage indenture.
(b) All bonds and other securities issued by the lessor corporation
must be advertised and sold in accordance with IC 5-1-11 at any
interest rate.
(c) The approval of the securities division of the secretary of state
is not required in connection with the issuance and sale of bonds or
other securities of a municipal corporation.
[Pre-2005 Elementary and Secondary Education
Recodification Citation: 20-14-10-11.]

Indiana § 36-12-10-11 (Authority of lessor corporation to issue stocks, bonds, and other securities; sale procedure) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.