Sec. 22. A surviving
corporation or
successor corporation formed under this chapter may, out of any funds available for that purpose, purchase:
(1) any obligations issued by the surviving corporation or successor corporation; and
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Terms Used In Indiana Code 8-1-17.5-22
- 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.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- successor corporation: means a corporation that is formed from a consolidation of two (2) or more corporations under this chapter. See Indiana Code 8-1-17.5-5
- surviving corporation: means the corporation that remains after a merger of two (2) or more corporations under this chapter. See Indiana Code 8-1-17.5-6
at a price determined by resolution of the board. Any obligation described in this section shall be cancelled upon its purchase by the surviving corporation or successor corporation.
As added by P.L.18-2010, SEC.1.
