Indiana Code 8-1-17-16. Obligations; covenants and agreements to secure
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Terms Used In Indiana Code 8-1-17-16
- Board: means the board of directors of a cooperative corporation. 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
Sec. 16. In connection with the issuance of any obligations, a cooperative corporation may make such covenants or agreements and do any and all such acts and things as may be necessary, convenient or desirable in order to secure its obligations or which, in the absolute discretion of the board, tend to make the obligations more marketable, notwithstanding that such covenants, agreements, acts and things may constitute a limitation on the exercise of the powers granted under this chapter.
Formerly: Acts 1951, c.193, s.16. As amended by P.L.136-2018, SEC.76.