Sec. 2. (a) A sale, lease, exchange, or other disposition described in section 1 of this chapter must first be proposed by the board of directors by the adoption of a resolution that: (1) sets forth the terms and conditions of the sale, lease, exchange, or other disposition; and (2) directs that the proposed disposition be submitted to a vote of the shareholders at the annual meeting or a special meeting. (b) The meeting described in subsection (a)(2) shall: (1) be called in the resolution required by subsection (a); and (2) be in accordance with: (A) IC 28-13-5-8 , in the case of a corporation other than a credit union; and (B) IC 28-7-1-14 , in the case of a credit union. Formerly: Acts 1933, c.40, s.138. As amended by P.L.263-1985, SEC.38; P.L.14-1992, SEC.75; P.L.122-1994, SEC.74; P.L.27-2012, SEC.45; P.L.159-2017, SEC.27.
‹ Prev All Indiana sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.