Statutes, codes, and regulations
Indiana Code
Title 23 - BUSINESS AND OTHER ASSOCIATIONSArticle 1 - INDIANA BUSINESS CORPORATION LAW
Chapter 28 - DISTRIBUTIONS TO SHAREHOLDERS
Section 23-1-28-4 - Basis for determination that distribution not prohibited

Ind. Code § 23-1-28-4

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Current through P.L. 171-2024
Section 23-1-28-4 - Basis for determination that distribution not prohibited

The board of directors may base a determination that a distribution is not prohibited under section 3 of this chapter either on financial statements prepared on the basis of accounting practices and principles that are reasonable in the circumstances or on a fair valuation or other method that is reasonable in the circumstances.

IC 23-1-28-4

As added by P.L. 149-1986, SEC.12.