§ 8-1-17-15 — Obligations; authority for issuance

Indiana § 8-1-17-15

• Jurisdiction: Indiana
• Art. 1: UTILITIES GENERALLY
• Ch. 17: Telephones─Rural Telephone Cooperative Act

Text

(a) A cooperative corporation shall have
power and is hereby authorized, from time to time, to issue its
obligations for any corporate purpose. The obligations may be
authorized by resolution or resolutions of the board, and may bear such
date or dates, mature at such time or times, not exceeding forty (40)
years from their respective dates, bear interest at any rate, payable
semi-annually, be in such denominations, be in such form, either
coupon or registered, carry such registration privileges, be executed in
such manner, be payable in such medium of payment, at such place or
places, and be subject to such terms of redemption, not exceeding the
principal amount of the obligations plus accrued interest, as the board's
resolution or resolutions may provide.
(b) The obligations may be sold in such manner and upon such
terms as the board may determine at not less than the principal amount
of the obligations plus accrued interest.
(c) Any provision of law to the contrary notwithstanding, any
obligations and related interest coupons, if any, issued pursuant to this
act shall possess all the qualities of negotiable instruments. The
commission's approval shall not be required for the issuance by a
cooperative corporation of its bonds, notes, or other evidences of
indebtedness.
Formerly: Acts 1951, c.193, s.15. As amended by Acts 1981,
P.L.11, SEC.46; P.L.27-2006, SEC.45.