Indiana Code 15-14-5-2. Powers to borrow money, mortgage property, and issue bonds
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Sec. 2. A society, an association, or a corporation described in section 1 of this chapter, with authority of its board of directors, may:
(2) mortgage its property; and
(1) borrow money;
Terms Used In Indiana Code 15-14-5-2
- 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.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Property: includes personal and real property. See Indiana Code 1-1-4-5
(3) issue notes, bonds, and other obligations without restrictions other than those applying to corporations generally.
[Pre-2008 Recodification Citation: 15-1-10-1 part.]
As added by P.L.2-2008, SEC.5.