Indiana Code 28-1-9-12. Authority to borrow
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Terms Used In Indiana Code 28-1-9-12
- 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. 12. After the authorization of the dissolution of such corporation, the board of directors is hereby authorized to borrow money and to secure the payment thereof, in the same manner and to the extent that a receiver may borrow money and secure the payment thereof when any financial institution is in involuntary liquidation, as provided in IC 28-1-3.1-6.
Formerly: Acts 1933, c.40, s.153. As amended by P.L.263-1985, SEC.46.