Ind. Code § 8-1-17-14

Current through P.L. 171-2024

Section 8-1-17-14 - Sale, encumbrance, or other disposition of property

A local cooperative corporation may not sell, lease, exchange, mortgage, pledge, or otherwise sell all, or substantially all, of its property unless the transaction is authorized by a resolution duly adopted at a meeting of the corporation's members duly called and held as provided in section 9 of this chapter. The resolution must receive the affirmative vote of at least three-fourths (3/4) of the total number of the corporation's members who either:

(1) are present in person and voting at the meeting; or

(2) as authorized under section 9(g) of this chapter, cast a vote before the date of the meeting;

and the affirmative vote of at least three-fourths (3/4) of the corporation's directors who are present at a meeting of the board of directors duly called and held as provided in the corporation's bylaws.

IC 8-1-17-14

Amended by P.L. 49-2018,SEC. 6, eff. 7/1/2018.

(Formerly: Acts 1951, c.193, s.14.) As amended by P.L. 59-1984, SEC.78; P.L. 27-2006, SEC.44.