Sec. 2. (a) Except as provided in subsections (b) and (c) or unless the articles of incorporation provide otherwise, each outstanding share, regardless of class, is entitled to one (1) vote on each matter voted on at a shareholders' meeting. Only shares are entitled to vote.
(b) Absent special circumstances, the shares of a corporation are not entitled to vote if they are owned, directly or indirectly, by a second corporation, domestic or foreign, and the first corporation owns, directly or indirectly, a majority of the shares entitled to vote for directors of the second corporation.
(c) Subsection (b) does not limit the power of a corporation to vote any shares, including its own shares, held by it in or for an employee benefit plan or in any other fiduciary capacity.
(d) Redeemable shares are not entitled to vote after notice of redemption is mailed to the holders and a sum sufficient to redeem the shares has been deposited with a bank, trust company, or other financial institution under an irrevocable obligation to pay the holders the redemption price on surrender of the shares.
As added by P.L.149-1986, SEC.14.
Structure Indiana Code
Title 23. Business and Other Associations
Article 1. Indiana Business Corporation Law
Chapter 30. Voting by Shareholders
23-1-30-2. Shares Entitled to Vote
23-1-30-3. Voting of Shares; Appointment of Proxy
23-1-30-4. Beneficial Owners of Shares; Recognition Procedure; Disclosure Procedure
23-1-30-5. Acceptance of Signature
23-1-30-6. Voting Group; Quorum
23-1-30-7. Voting Groups; Method of Taking Action
23-1-30-8. Special Voting Requirements in Articles of Incorporation