Indiana Code
Chapter 1. Agricultural Cooperatives
15-12-1-31. Redemption of Stock

Sec. 31. (a) An association organized with capital stock may, at any time, unless otherwise provided in the association's articles of incorporation or bylaws, and except when the debts of the association exceed fifty percent (50%) of the assets:
(1) redeem, purchase, or acquire the association's outstanding common stock at the book value, as conclusively determined by the association's board of directors, but not to exceed par; and
(2) pay for the stock in cash within one (1) year.
(b) An association organized with capital stock may, at any time, unless otherwise provided in its articles of incorporation or bylaws, redeem, purchase, or acquire the association's outstanding preferred stock. However, an association may not redeem or purchase the association's outstanding preferred stock:
(1) when the association is insolvent; or
(2) when the redemption or purchase would render the association insolvent or would reduce the net assets of the association below the total amount payable to the holders of stock having prior or equal rights to the assets of the association upon involuntary dissolution.
[Pre-2008 Recodification Citations: subsection (a) formerly 15-7-1-13(h); subsection (b) formerly 15-7-1-13(i).]
As added by P.L.2-2008, SEC.3.

Structure Indiana Code

Indiana Code

Title 15. Agriculture and Animals

Article 12. Agricultural Assistance Organizations and Programs

Chapter 1. Agricultural Cooperatives

15-12-1-1. Purpose; Legislative Declaration

15-12-1-2. Application of Definitions in Ic 23-1

15-12-1-3. "Agricultural Products"

15-12-1-4. "Association"

15-12-1-5. "Member"

15-12-1-6. "Person"

15-12-1-7. Associations Governed as Nonprofit Corporations

15-12-1-8. Eligibility to Form an Association

15-12-1-9. Authorized Activities

15-12-1-10. Association; Powers

15-12-1-11. Association; Membership; Issuance of Stock

15-12-1-12. Articles of Incorporation

15-12-1-13. Presentation of Articles of Incorporation

15-12-1-14. Association; Merging, Consolidating, or Dissolving Association; Amending Articles of Incorporation

15-12-1-15. Bylaws; Adoption and Amendment; Scope

15-12-1-16. Association; Meetings; Special Meetings

15-12-1-17. Board of Directors; Management of Association

15-12-1-18. Board of Directors; Election; Terms

15-12-1-19. Board of Directors; Districts; Primary Elections

15-12-1-20. Board of Directors; Appointment

15-12-1-21. Board of Directors; Payment; Restrictions

15-12-1-22. Executive Committee; Powers

15-12-1-23. Board of Directors; Vacancies

15-12-1-24. Board of Directors; Eligibility

15-12-1-25. Board of Directors; Financial Report; Records

15-12-1-26. Extension of Credit

15-12-1-27. Election of Officers

15-12-1-28. Membership Certificates

15-12-1-29. Voting Stock; Votes; Transfer

15-12-1-30. Distribution of Dividends

15-12-1-31. Redemption of Stock

15-12-1-32. Issuance of Various Classes of Stock

15-12-1-33. Officers and Director; Charges; Removal

15-12-1-34. Marketing Contracts

15-12-1-35. Remedies for Breach of Contract

15-12-1-36. Purchase of Property or Stock in Another Entity

15-12-1-37. Biennial Report; Contents; Form; Delivery

15-12-1-38. Disclosure of Financial Condition; Offense

15-12-1-39. Application of Other Laws

15-12-1-40. Limitation on the Use of the Term "Cooperative"

15-12-1-41. Membership of Association in Other Corporations or Associations

15-12-1-42. Joint Activities With Other Associations

15-12-1-43. Vote by Existing Cooperatives for Governance Under Chapter

15-12-1-44. Breach of Marketing Contract; Penalty; Injunction

15-12-1-45. Warehouse or Elevator Operator; Breach of Marketing Contract; Penalty; Injunction

15-12-1-46. Exemption From Conspiracy and Monopoly Laws; Legality of Marketing Contracts

15-12-1-47. Application of Corporation Laws; Exceptions

15-12-1-48. Secretary of State; Fees

15-12-1-49. Foreign Cooperative Associations; Application for Admission

15-12-1-50. Foreign Cooperative Associations; Certificate of Admission

15-12-1-51. Admitted Foreign Cooperative Associations; Rights and Restrictions

15-12-1-52. Governance of Certificates of Stock and Membership