Indiana § 28-1-8-4 - Submission to shareholders; vote required; exception for corporation in danger of insolvency
Full text of Indiana Indiana Code § 28-1-8-4 — Submission to shareholders; vote required; exception for corporation in danger of insolvency, with citation guidance and answers to common questions.
§ 28-1-8-4. Submission to shareholders; vote required; exception for corporation in danger of insolvency
Sec. 4. If a resolution proposing a disposition described in section 1 of this chapter is approved by the department, the resolution may then be submitted to the shareholders at the annual meeting or a special meeting. The resolution shall be authorized upon receiving the affirmative votes of two-thirds (2/3) of the outstanding shares. However, the department may permit the resolution to be authorized without receiving shareholder approval if the corporation whose assets are to be disposed of is in danger of insolvency.
Formerly: Acts 1933, c.40, s.140. As amended by P.L.122-1994, SEC.76; P.L.159-2017, SEC.29.
Source: official Indiana text · Last verified 2026-08-27
Frequently Asked Questions About Indiana § 28-1-8-4
What does Indiana Code § 28-1-8-4 cover?
Section 28-1-8-4 ("Submission to shareholders; vote required; exception for corporation in danger of insolvency") is part of the Indiana Code, the codified statutory law of Indiana. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Indiana § 28-1-8-4?
A common citation format is "Indiana Code § 28-1-8-4" (Indiana). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Indiana law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Indiana official source linked on this page or consult a licensed Indiana attorney.
How does Indiana § 28-1-8-4 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Indiana can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Indiana.