Sec. 4. If a resolution proposing a disposition described in section 1 of this chapter is approved by the department, the resolution may then be submitted to the shareholders at the annual meeting or a special meeting. The resolution shall be authorized upon receiving the affirmative votes of two-thirds (2/3) of the outstanding shares. However, the department may permit the resolution to be authorized without receiving shareholder approval if the corporation whose assets are to be disposed of is in danger of insolvency.
Formerly: Acts 1933, c.40, s.140. As amended by P.L.122-1994, SEC.76; P.L.159-2017, SEC.29.
Structure Indiana Code
Title 28. Financial Institutions
Article 1. Department of Financial Institutions
Chapter 8. Sale of Banks, Trust Companies, and Building and Loan Associations
28-1-8-1. Disposition of Property and Assets; Authority; Compliance With Procedures
28-1-8-2. Resolution Proposing Sale or Other Disposition; Submission to Shareholders