Sec. 19. (a) The period of existence of a credit corporation must be perpetual, subject to the right of the members and shareholders to dissolve the corporation under subsection (b).
(b) The members and shareholders of a credit corporation may dissolve the credit corporation. The members and shareholders shall vote on a proposal to dissolve the credit corporation in the manner prescribed by section 15 of this chapter. However, the affirmative vote of at least two-thirds (2/3) of the votes to which each class is entitled is required to dissolve the credit corporation.
(c) Upon dissolution of a credit corporation, none of the credit corporation's assets may be distributed to the shareholders until all sums due the members and creditors of the credit corporation have been paid in full.
As added by P.L.236-1985, SEC.1.
Structure Indiana Code
Title 23. Business and Other Associations
Article 6. Public Corporations and Associations
Chapter 4. Indiana Business Development Credit Corporation Law
23-6-4-1. "Credit Corporation" Defined
23-6-4-2. "Lending Agreement" Defined
23-6-4-3. "Lending Institution" Defined
23-6-4-4. "Loan Limit" Defined
23-6-4-6. "Member Loan" Defined
23-6-4-7. "Small Business Concern" Defined
23-6-4-9. Purposes of Corporations
23-6-4-10. Powers of Corporations
23-6-4-12. Lending Institutions as Members; Loans
23-6-4-13. Lending Agreements; Time of Membership; Evidence of Loans; Interest
23-6-4-14. Duration of Membership; Withdrawal of Membership
23-6-4-15. Powers of Members and Shareholders; Voting Rights
23-6-4-16. Board of Directors; Loan Committees
23-6-4-17. Amendment of Articles of Incorporation
23-6-4-19. Period of Existence; Dissolution of Corporation
23-6-4-20. State Development Company
23-6-4-21. Exemptions; Securities Registration; Taxation; Financial Institutions Regulation