§ 8-1-13-13 — Obligations in anticipation of revenue; authority to issue

Indiana § 8-1-13-13

• Jurisdiction: Indiana
• Art. 1: UTILITIES GENERALLY
• Ch. 13: Rural Electric Membership Corporation Act

Text

(a) Subject to the approval of the commission,
a corporation formed under this chapter may, from time to time, issue
its obligations in anticipation of its revenues for any corporate purpose.
(b) Those obligations may be authorized by resolution of the board
and may bear a date, mature at a time not exceeding forty (40) years
from their respective dates, bear interest at a rate, be in denominations,
be in a form, either coupon or registered, carry registration privileges,
be executed in a manner, be payable in a medium of payment, at a
place, and be subject to terms of redemption as provided in the
resolution. The obligations may be sold in a manner and upon terms as
determined by the board.
(c) Notwithstanding any other law, any obligations and the interest
coupon pertaining to the obligation, if any, issued under this chapter,
possess all of the qualities of negotiable instruments. However,
approval of the commission is not required when a corporation has a
mortgage with any federal agency.
Formerly: Acts 1935, c.175, s.13; Acts 1969, c.117, s.2; Acts
1971, P.L.83, SEC.2. As amended by Acts 1977, P.L.102, SEC.4;
P.L.23-1988, SEC.50; P.L.109-1989, SEC.2.