2015 Indiana Code TITLE 15. AGRICULTURE AND ANIMALS ARTICLE 14. AGRICULTURAL FAIRS, ASSOCIATIONS, AND SOCIETIES CHAPTER 5. AGRICULTURAL SOCIETIES, ASSOCIATIONS, AND CORPORATIONS
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IC 15-14-5
Chapter 5.
Corporations
Agricultural
Societies,
Associations,
and
IC 15-14-5-1
Application of chapter
Sec. 1. (a) This chapter applies to a society, an association, or a
corporation:
(1) organized:
(A) for the improvement of agriculture; or
(B) to conduct fairs or agricultural exhibits; or
(2) owning or operating fairgrounds or other real estate for
similar purposes.
(b) This chapter does not apply to:
(1) the state fair commission; or
(2) the property owned by the commission.
As added by P.L.2-2008, SEC.5.
IC 15-14-5-2
Powers to borrow money, mortgage property, and issue bonds
Sec. 2. A society, an association, or a corporation described in
section 1 of this chapter, with authority of its board of directors, may:
(1) borrow money;
(2) mortgage its property; and
(3) issue notes, bonds, and other obligations without restrictions
other than those applying to corporations generally.
As added by P.L.2-2008, SEC.5.
IC 15-14-5-3
Authority to sell property, pay obligations, and distribute proceeds
to shareholders
Sec. 3. A society, an association, or a corporation described in
section 1 of this chapter may:
(1) upon authority granted by the votes of those holding
two-thirds (2/3) of the shares of stock:
(A) sell; and
(B) convey by deed all or any part of its grounds and
property at any time; and
(2) use the proceeds obtained from the sale in payment of its
obligations, or for other and usual corporate purposes, in the
same manner as corporations generally are authorized to do.
After payment of its obligations the society, association, or
corporation may distribute the proceeds among the shareholders.
As added by P.L.2-2008, SEC.5.
IC 15-14-5-4
Dissolution and liquidation
Sec. 4. A society, an association, or a corporation described in
Indiana Code 2015
section 1 of this chapter may:
(1) dissolve; and
(2) liquidate;
the affairs of the society, association, or corporation in the same
manner as corporations generally are authorized to do.
As added by P.L.2-2008, SEC.5.
Indiana Code 2015
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