Indiana Code 8-1-13-2. Incorporation; purpose
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Terms Used In Indiana Code 8-1-13-2
- 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.
Sec. 2. Any number of natural persons not less than eleven (11) may, by executing, filing and recording articles of incorporation as provided in this chapter, form a corporation not organized for pecuniary profit for the purpose of promoting and encouraging the fullest possible use of electric energy in Indiana by making electric energy available to inhabitants of rural areas of Indiana at the lowest cost consistent with sound economy and prudent management of the business of such corporations and by rendering other services to its members.
Formerly: Acts 1935, c.175, s.2; Acts 1937, c.258, s.1. As amended by P.L.136-2018, SEC.66.