(a) A sale, lease, exchange, or other disposition described in section 1 of this chapter must first be proposed by the board of directors by the adoption of a resolution that:(1) sets forth the terms and conditions of the sale, lease, exchange, or other disposition; and(2) directs that the proposed disposition be submitted to a vote of the shareholders at the annual meeting or a special meeting.(b) The meeting described in subsection (a)(2) shall:(1) be called in the resolution required by subsection (a); and(2) be in accordance with:(A) IC 28-13-5-8, in the case of a corporation other than a credit union; and(B) IC 28-7-1-14, in the case of a credit union.Formerly: Acts 1933, c.40, s.138. As amended by P.L.263-1985, SEC.38; P.L.14-1992, SEC.75; P.L.122-1994, SEC.74; P.L.27-2012, SEC.45; P.L.159-2017, SEC.27.
Indiana Legal Code