Indiana Code 27-15-8-1. Forms of consideration

Sec. 1. The consideration to be distributed to the eligible members shall be:

(1) cash;

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Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.

(2) stock or other securities of the former mutual or of the parent company;

(3) additional paid up insurance or annuity benefits;

(4) any combination of the forms of consideration listed in this section; or

(5) other forms of consideration described in the plan of conversion and approved by the commissioner.

As added by P.L.94-1999, SEC.3.