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

Terms Used In Indiana Code 28-1-8-2

  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
(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.

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