Indiana Code 23-1-54-2. Preemptive rights in existence under prior law
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Terms Used In Indiana Code 23-1-54-2
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- 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.
Sec. 2. Shareholders’ preemptive rights in existence on July 31, 1987 (or on the date specified by a resolution of the board of directors of a corporation adopted under IC 23-1-17-3(b)), under prior law continue in effect as created under prior law. However, if the corporation’s articles of incorporation are amended under this article with respect to preemptive rights, then all shareholders’ preemptive rights are subject to this article after the amendment is effective.
As added by P.L.149-1986, SEC.38.