Indiana Code 36-12-7-6. 1852 subscription libraries; corporate existence and powers; organization; tax levy
(1) sue and be sued; and
Terms Used In Indiana Code 36-12-7-6
- 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.
- Quorum: The number of legislators that must be present to do business.
- Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
(b) The shareholders of the 1852 subscription library are the inhabitants of the municipality who have subscribed money for the establishment of the library. The shareholders shall annually elect seven (7) directors on the first Monday in January. However, if an annual election is omitted, the directors remain in office until the next annual election and until successors are chosen.
(c) The directors shall appoint one (1) director to be president at the meetings. The president may vote only in case of a tie vote. A majority of the directors constitutes a quorum. If a vacancy occurs among the directors, the remaining directors shall elect a new director to fill the vacancy, and the new director shall serve until the next annual election.
(d) The 1852 subscription library is governed by bylaws adopted by the directors of the public library.
(e) The directors may adopt a common seal.
(f) The directors may levy a tax on the shareholders not to exceed one dollar ($1) on each share during one (1) year. In addition, at the annual meeting, the shareholders may increase the tax to a sum not to exceed five dollars ($5) on each share during one (1) year.
(g) The shareholders may:
(1) appoint a treasurer and a librarian; or
(2) remove the treasurer or librarian;
at the pleasure of the shareholders.
[Pre-2005 Elementary and Secondary Education Recodification Citation: 20-14-7-4.]
As added by P.L.1-2005, SEC.49.