Sec. 4. The board of directors may base a determination that a distribution is not prohibited under section 3 of this chapter either on financial statements prepared on the basis of accounting practices and principles that are reasonable in the circumstances or on a fair valuation or other method that is reasonable in the circumstances.
As added by P.L.149-1986, SEC.12.
Structure Indiana Code
Title 23. Business and Other Associations
Article 1. Indiana Business Corporation Law
Chapter 28. Distributions to Shareholders
23-1-28-2. Record Date, Declaration Date, and Payment Date
23-1-28-3. Prohibited Distributions
23-1-28-4. Basis for Determination That Distribution Not Prohibited