Sec. 10. (a) If authorized in a corporation's articles of incorporation or bylaws before a control share acquisition has occurred, control shares acquired in a control share acquisition with respect to which no acquiring person statement has been filed with the issuing public corporation may, at any time during the period ending sixty (60) days after the last acquisition of control shares by the acquiring person, be subject to redemption by the corporation at the fair value thereof pursuant to the procedures adopted by the corporation.
(b) Control shares acquired in a control share acquisition are not subject to redemption after an acquiring person statement has been filed unless the shares are not accorded full voting rights by the shareholders as provided in section 9 of this chapter.
As added by P.L.149-1986, SEC.26.
Structure Indiana Code
Title 23. Business and Other Associations
Article 1. Indiana Business Corporation Law
Chapter 42. Control Share Acquisitions
23-1-42-1. "Control Shares" Defined
23-1-42-2. "Control Share Acquisition" Defined
23-1-42-3. "Interested Shares" Defined
23-1-42-4. "Issuing Public Corporation" Defined
23-1-42-5. Voting Rights Under Ic 23-1-42-9
23-1-42-6. Acquiring Person Statement
23-1-42-7. Special Meeting of Shareholders
23-1-42-9. Voting Rights of Acquired Control Shares; Resolution