Indiana Code 27-3-1-2. Authority to adopt plan of exchange
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Sec. 2. Any domestic stock insurance company (referred to in this chapter as the “domestic company”) may adopt a plan of exchange providing for the exchange by its shareholders of their stock in the domestic company for:
(ii) other securities issued by the acquiring corporation;
(i) shares of stock issued by any other stock insurance corporation organized or reorganized under the provisions of IC 27-1 or any statute enacted prior to March 8, 1935, or any stock corporation organized under the provisions of IC 23-1 or any foreign stock corporation (such other corporation is referred to in this chapter as the “acquiring corporation”);
Terms Used In Indiana Code 27-3-1-2
- 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.
- Statute: A law passed by a legislature.
(iii) cash;
(iv) other consideration; or
(v) any combination of such stock, such other securities, cash, or other consideration.
Formerly: Acts 1967, c.61, s.2. As amended by P.L.252-1985, SEC.139.