Indiana Code 23-13-5-4. Perpetual existence; merger
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Terms Used In Indiana Code 23-13-5-4
- 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. 4. Any postsecondary educational institution which may be organized before, on, or after March 3, 1909, under or which may otherwise become subject to the provisions of this chapter shall be deemed to have a perpetual existence by operation of law. Any two (2) or more postsecondary educational institutions incorporated under the provisions of this chapter may be merged into one (1) corporation by the action of the boards of trustees of the respective corporations.
Formerly: Acts 1909, c.52, s.3a; Acts 1953, c.17, s.1. As amended by P.L.34-1987, SEC.345; P.L.2-2007, SEC.315.