Indiana Code 23-1-43-12. “Preferred shares” defined
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Sec. 12. As used in this chapter, “preferred shares” means any class or series of shares of a resident domestic corporation that under the bylaws or articles of incorporation of the resident domestic corporation:
(2) is entitled in the event of any voluntary liquidation, dissolution, or winding up of the corporation to receive payment or distribution of a preferential amount before any payments or distributions are received by some other class or series of shares.
(1) is entitled to receive payment of dividends before any payment of dividends on some other class or series of shares; or
Terms Used In Indiana Code 23-1-43-12
- 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.
- resident domestic corporation: means a corporation that has one hundred (100) or more shareholders. See Indiana Code 23-1-43-13
As added by P.L.149-1986, SEC.27. Amended by P.L.5-1988, SEC.122.