Indiana Code 8-1-17-14. Sale, encumbrance, or other disposition of property
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Sec. 14. 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:
(2) as authorized under section 9(g) of this chapter, cast a vote before the date of the meeting;
(1) are present in person and voting at the meeting; or
Terms Used In Indiana Code 8-1-17-14
- Board: means the board of directors of a cooperative corporation. See Indiana Code 8-1-17-3
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Property: includes personal and real property. See Indiana Code 1-1-4-5
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.
Formerly: Acts 1951, c.193, s.14. As amended by P.L.59-1984, SEC.78; P.L.27-2006, SEC.44; P.L.49-2018, SEC.6.