Sec. 1. (a) In a mutual savings association, each member is entitled at every members' meeting to cast one (1) vote for each: (1) one hundred dollars ($100); or (2) fraction of one hundred dollars ($100); of the total amount paid in on all share or deposit accounts standing in the member's name on the books of the mutual savings association. (b) Each borrowing member of a mutual savings association who is not a depositor or owner of a share account is entitled at a members' meeting to cast one (1) vote, if the articles of incorporation of the mutual savings association provide the borrowing member the right to vote. (c) A member of a mutual savings association may not, except as proxy, cast more than fifty (50) votes at an election held by the mutual savings association. IC 28-15-13 Chapter 13. Applicability of Corporate Governance Laws 28-15-13-1 References to shareholders and shareholders' meetings
‹ 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.