The extent of this recognition may be determined in the recognition procedure.(b) A corporation may establish a disclosure procedure by which the names of beneficial owners of the corporation's shares shall, to the extent not prohibited by law, be disclosed to the corporation. A corporation may not establish a procedure requiring disclosure of the names of the beneficial owners of a private trust created in good faith and not for the purpose of circumventing a disclosure procedure adopted pursuant to this section. The corporation may adopt reasonable sanctions to ensure compliance with its disclosure procedure, including:(1) prohibiting the voting of;(2) providing for mandatory or optional reacquisition of; or(3) the withholding or payment into escrow of dividends with respect to;shares as to which the beneficial owner's name is not disclosed as required by the disclosure procedure.As added by P.L.14-1992, SEC.163.
Indiana Legal Code