Sec. 4. After the vote of the shareholders shall have been taken, as hereinbefore provided, no dividend or profits shall be paid to the shareholders, nor shall any part of the capital be withdrawn by or paid to the shareholders, in any manner whatsoever, nor shall such corporation transact any business whatsoever except such as may be necessary or incidental to its dissolution, until all of the debts and liabilities of the corporation of every kind are fully paid.
Formerly: Acts 1933, c.40, s.145.
Structure Indiana Code
Title 28. Financial Institutions
Article 1. Department of Financial Institutions
Chapter 9. Voluntary Dissolution of Banks, Trust Companies, and Building and Loan Associations
28-1-9-2. Authority to Liquidate and Dissolve; Resolution; Submission to Shareholders; Vote Required
28-1-9-3. Examinations; Departmental Approval of Liquidation
28-1-9-4. Restrictions on Dividends and Business Pending Payment of Debts and Liabilities
28-1-9-5. Liquidating Agent; Appointment; Powers
28-1-9-6. Liquidating Agent; Authority
28-1-9-7. Trust and Fiduciary Property; Disposition
28-1-9-11. Unclaimed Distributive Portions
28-1-9-12. Authority to Borrow
28-1-9-13. Articles of Dissolution; Execution and Filing; Contents
28-1-9-14. Articles of Dissolution; Presentation to Department and to Secretary of State
28-1-9-15. Articles of Dissolution; Approval by Department
28-1-9-17. Certificate of Incorporators or Articles of Dissolution; Recording
28-1-9-18. Termination of Corporate Existence; Existing Liabilities