Sec. 28. (a) A certificate of membership or a share or shares of voting stock may not be issued by an association until the membership fee or consideration for the share of stock has been paid in full. A promissory note may be accepted in full or partial payment for a share of stock or […]
Sec. 29. (a) An association may provide in the association’s articles of incorporation or bylaws that a member is not entitled to more than one (1) vote regardless of the amount of capital invested in or number of shares of voting stock owned by the member. (b) The voting stock of or membership in an […]
Sec. 3. As used in this chapter, “agricultural products” includes horticultural, viticultural, forestry, dairy, livestock, grain, poultry, bee, and any other farm product. [Pre-2008 Recodification Citation: 15-7-1-2(a).] As added by P.L.2-2008, SEC.3.
Sec. 30. (a) The net earnings or savings of an association from the association’s marketing activities, purchasing activities, or marketing and purchasing activities that exceed the amounts needed to restore a deficit, to pay dividends on outstanding stock, or to establish or provide for additions to reserves or surplus, or both, must be distributed, unless […]
Sec. 31. (a) An association organized with capital stock may, at any time, unless otherwise provided in the association’s articles of incorporation or bylaws, and except when the debts of the association exceed fifty percent (50%) of the assets: (1) redeem, purchase, or acquire the association’s outstanding common stock at the book value, as conclusively […]
Sec. 32. (a) If the board of directors of an association, under authority expressly vested in the board by the articles of incorporation, adopts a resolution that determines and states the relative rights, preferences, limitations, or restrictions of any class or classes of shares, or of any series of any class or classes, the association […]
Sec. 33. (a) A member of an association may bring charges against an officer or a director by filing the charges in writing with the secretary of the association, together with a petition that is signed by five percent (5%) of the members and that requests the removal of the officer or director. (b) The […]
Sec. 34. (a) An association and its members may make and execute marketing contracts requiring the members to sell, for any period that is not more than ten (10) years: (1) all or any specified part of the members’ agricultural products; or (2) specified commodities; exclusively to or through the association or any facilities to […]
Sec. 35. (a) The bylaws or a marketing contract of an association may do the following: (1) Fix, as liquidated damages, specific amounts to be paid by the members or stockholders to the association upon the breach of any provision of the marketing contract regarding the sale, delivery, or withholding of products. (2) Provide that […]
Sec. 36. If an association that is organized under or governed by this chapter with capital stock purchases: (1) the stock; (2) any property; or (3) any interest in any property; of any person, firm, corporation, or association, the association may discharge the obligations incurred in the purchase, wholly or in part, by exchanging for […]
Sec. 37. (a) During April of every other year, each association organized or reorganized under this chapter shall prepare and file a biennial report setting forth the following information: (1) The name of the association and the state or country under whose law the association is incorporated. (2) The address of the association’s registered office […]
Sec. 38. (a) If, upon receipt of a biennial report delivered under section 37 of this chapter, the secretary of state determines or has reason to believe that the association filing the report is not disclosing the association’s true financial condition or is violating this chapter, the secretary of state may require the association to […]
Sec. 39. A law in conflict with this chapter may not be construed to apply to an association provided for in this chapter. [Pre-2008 Recodification Citation: 15-7-1-19(a).] As added by P.L.2-2008, SEC.3.
Sec. 4. As used in this chapter, “association” means any corporation organized under or governed by this chapter. [Pre-2008 Recodification Citation: 15-7-1-2(c).] As added by P.L.2-2008, SEC.3.
Sec. 40. A person, or a firm, a limited liability company, a corporation, or an association organized in Indiana after February 23, 1925, may not use the word “cooperative” as part of its corporate or other business name or title for cooperative activities of producers of agricultural products unless it has complied with this chapter. […]
Sec. 41. An association may organize, form, operate, own, control, have an interest in, own stock of, or be a member of any corporation or corporations, or association or associations, with or without capital stock, that are engaged in: (1) any activity in connection with the producing, marketing, selling, preserving, harvesting, drying, processing, manufacturing, canning, […]
Sec. 42. (a) An association may, upon resolution adopted by the association’s board of directors: (1) enter into all necessary and proper contracts and agreements; and (2) make all necessary and proper stipulations, agreements, and contracts and arrangements with any other cooperative corporation, association, or associations formed in Indiana or in any other state; for […]
Sec. 43. (a) A corporation or an association organized under statutes in effect before February 23, 1925, may by a majority vote of its stockholders or members, elect to be governed by this chapter by: (1) limiting its stockholders or membership; and (2) adopting the other restrictions provided in this chapter. (b) The corporation or […]
Sec. 44. A person or corporation whose officers or employees knowingly induce or attempt to induce any member or stockholder of an association: (1) organized under this chapter; or (2) organized under any agricultural cooperative law of any other state of the United States and admitted to do business in Indiana; to breach the member’s […]
Sec. 45. (a) A person, firm, limited liability company, or corporation that: (1) operates a warehouse, an elevator, or other receiving place or deals in any agricultural products within Indiana; and (2) solicits, persuades, or permits any member of an association: (A) organized under this chapter; or (B) organized under any agricultural cooperative law of […]
