Indiana Code 8-1-13-15. Purchase; own obligations
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Terms Used In Indiana Code 8-1-13-15
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
Sec. 15. A corporation may, out of any funds available for that purpose, purchase any obligations issued by it at a price determined by resolution of the board together with accrued interest on the obligations. All obligations purchased in that manner shall be cancelled.
Formerly: Acts 1935, c.175, s.15. As amended by P.L.109-1989, SEC.3.