Sec. 15. (a) A cooperative
corporation shall have power and is hereby authorized, from time to time, to issue its
obligations for any corporate purpose. The obligations may be authorized by resolution or resolutions of the
board, and may bear such date or dates, mature at such time or times, not exceeding forty (40) years from their respective dates, bear interest at any rate, payable semi-annually, be in such denominations, be in such form, either coupon or registered, carry such registration privileges, be executed in such manner, be payable in such medium of payment, at such place or places, and be subject to such terms of redemption, not exceeding the principal amount of the obligations plus accrued interest, as the board’s resolution or resolutions may provide.
Ask a business law question, get an answer ASAP!
Thousands of highly rated, verified business lawyers.
Click here to chat with a lawyer about your rights.
Terms Used In Indiana Code 8-1-17-15
- Board: means the board of directors of a cooperative corporation. See Indiana Code 8-1-17-3
- commission: refers to the Indiana utility regulatory commission. See Indiana Code 8-1-1-1
- Cooperative corporation: means a corporation formed under this chapter. See Indiana Code 8-1-17-3
- 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.
- Obligations: includes negotiable bonds, notes, debentures, interim certificates or receipts, and other evidences of indebtedness, either issued or the payment of which is assumed by a cooperative corporation. See Indiana Code 8-1-17-3
(c) Any provision of law to the contrary notwithstanding, any obligations and related interest coupons, if any, issued pursuant to this act shall possess all the qualities of negotiable instruments. The commission‘s approval shall not be required for the issuance by a cooperative corporation of its bonds, notes, or other evidences of indebtedness.
Formerly: Acts 1951, c.193, s.15. As amended by Acts 1981, P.L.11, SEC.46; P.L.27-2006, SEC.45.
