Sec. 1. A board of directors may authorize and the corporation may make distributions to its shareholders subject to restriction by the articles of incorporation and the limitation in section 3 of this chapter. As added by P.L.149-1986, SEC.12.
Sec. 1. A board of directors may authorize and the corporation may make distributions to its shareholders subject to restriction by the articles of incorporation and the limitation in section 3 of this chapter. As added by P.L.149-1986, SEC.12.
Sec. 2. The board of directors may fix a record date, declaration date, and payment date with respect to any share dividend or distribution to a corporation’s shareholders. If the board of directors does not fix the record date for determining shareholders entitled to a distribution (other than one involving a repurchase or reacquisition of […]
Sec. 2. The board of directors may fix a record date, declaration date, and payment date with respect to any share dividend or distribution to a corporation’s shareholders. If the board of directors does not fix the record date for determining shareholders entitled to a distribution (other than one involving a repurchase or reacquisition of […]
Sec. 3. A distribution may not be made if, after giving it effect: (1) the corporation would not be able to pay its debts as they become due in the usual course of business; or (2) the corporation’s total assets would be less than the sum of its total liabilities plus (unless the articles of […]
Sec. 3. A distribution may not be made if, after giving it effect: (1) the corporation would not be able to pay its debts as they become due in the usual course of business; or (2) the corporation’s total assets would be less than the sum of its total liabilities plus (unless the articles of […]
Sec. 4. The board of directors may base a determination that a distribution is not prohibited under section 3 of this chapter either on financial statements prepared on the basis of accounting practices and principles that are reasonable in the circumstances or on a fair valuation or other method that is reasonable in the circumstances. […]
Sec. 4. The board of directors may base a determination that a distribution is not prohibited under section 3 of this chapter either on financial statements prepared on the basis of accounting practices and principles that are reasonable in the circumstances or on a fair valuation or other method that is reasonable in the circumstances. […]
Sec. 5. The effect of a distribution under section 3 of this chapter is measured: (1) in the case of distribution by purchase, redemption, or other acquisition of the corporation’s shares, as of the earlier of: (A) the date money or other property is transferred or debt incurred by the corporation; or (B) the date […]
Sec. 5. The effect of a distribution under section 3 of this chapter is measured: (1) in the case of distribution by purchase, redemption, or other acquisition of the corporation’s shares, as of the earlier of: (A) the date money or other property is transferred or debt incurred by the corporation; or (B) the date […]
Sec. 6. A corporation’s indebtedness to a shareholder incurred by reason of a distribution made in accordance with this chapter is at parity with the corporation’s indebtedness to its general, unsecured creditors except to the extent subordinated by agreement. As added by P.L.149-1986, SEC.12.
Sec. 6. A corporation’s indebtedness to a shareholder incurred by reason of a distribution made in accordance with this chapter is at parity with the corporation’s indebtedness to its general, unsecured creditors except to the extent subordinated by agreement. As added by P.L.149-1986, SEC.12.
