Shares that are issued are outstanding shares until the shares are reacquired, redeemed, converted, or canceled.(b) The reacquisition, redemption, or conversion of outstanding shares is subject to the limitations of subsection (c) and to IC 28-13-3-3 and IC 28-13-4.(c) At all times that shares of the corporation are outstanding, at least one (1) share that together has unlimited voting rights and at least one (1) share that together is entitled to receive the net assets of the corporation upon dissolution must be outstanding.As added by P.L.14-1992, SEC.163.
Indiana Legal Code