Indiana Code 15-14-5-3. Authority to sell property, pay obligations, and distribute proceeds to shareholders
Current as of: 2023 | Check for updates
|
Other versions
Sec. 3. A society, an association, or a corporation described in section 1 of this chapter may:
(A) sell; and
(1) upon authority granted by the votes of those holding two-thirds (2/3) of the shares of stock:
Terms Used In Indiana Code 15-14-5-3
- 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.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Property: includes personal and real property. See Indiana Code 1-1-4-5
(B) convey by deed all or any part of its grounds and property at any time; and
(2) use the proceeds obtained from the sale in payment of its obligations, or for other and usual corporate purposes, in the same manner as corporations generally are authorized to do.
After payment of its obligations the society, association, or corporation may distribute the proceeds among the shareholders.
[Pre-2008 Recodification Citation: 15-1-10-2.]
As added by P.L.2-2008, SEC.5.