Indiana Code 23-1.3-3-6. Requirements for sale, lease, exchange, or other disposition of assets
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Sec. 6. Any sale, lease, exchange, or other disposition of all or substantially all of the assets of a benefit corporation is not effective unless one (1) or more of the following apply:
(2) The transaction is approved by at least a minimum status vote.
(1) The transaction is in the usual and regular course of business.
Terms Used In Indiana Code 23-1.3-3-6
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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
As added by P.L.93-2015, SEC.3.