Indiana Code 15-14-1-11. Power to borrow; interest; mortgages; bond issue
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Sec. 11. (a) A corporation incorporated under this chapter may do the following:
(2) Mortgage its property to secure the repayment of the loan.
(1) Borrow not more than two hundred thousand dollars ($200,000) at a rate of interest not to exceed six percent (6%) per annum.
Terms Used In Indiana Code 15-14-1-11
- 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.
- 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
(3) Issue bonds for not more than two hundred thousand dollars ($200,000).
(b) Bonds issued under subsection (a) must:
(1) not exceed a duration of twenty (20) years;
(2) have interest bearing coupons affixed; and
(3) be secured by mortgage on the property of the corporation.
[Pre-2008 Recodification Citation: 15-1-2-11.]
As added by P.L.2-2008, SEC.5.