Indiana § 15-12-1-32 - Issuance of various classes of stock
Full text of Indiana Indiana Code § 15-12-1-32 — Issuance of various classes of stock, with citation guidance and answers to common questions.
§ 15-12-1-32. Issuance of various classes of stock
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 may not issue any of such shares unless the association first presents in duplicate in the office of the secretary of state, accompanied by the fees prescribed by this chapter, a certificate signed by the secretary or assistant secretary, and verified under oath by the president or a vice president of the association, setting forth the resolution so adopted and the time and manner of its adoption.
(b) Upon presentation of a certificate under subsection (a), the secretary of state, if the secretary of state finds that the certificate conforms to law and to the articles of incorporation of the association:
(1) shall endorse the secretary of state's approval on each copy of the certificate; and
(2) when all fees have been paid as required by law, shall:
(A) file one (1) copy of the certificate in the secretary of state's office;
(B) issue the secretary of state's certificate of approval and filing; and
(C) forward to the association the secretary of state's certificate, together with the other copy of the certificate of the officers of the association bearing the endorsement of the secretary of state's approval.
After the secretary of state takes the actions under subdivisions (1) and (2), the association may issue the shares.
[Pre-2008 Recodification Citations: subsection (a) formerly 15-7-1-13(j) part; subsection (b) formerly 15-7-1-13(j) part.]
As added by P.L.2-2008, SEC.3.
Source: official Indiana text · Last verified 2026-08-27
Frequently Asked Questions About Indiana § 15-12-1-32
What does Indiana Code § 15-12-1-32 cover?
Section 15-12-1-32 ("Issuance of various classes of stock") 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 § 15-12-1-32?
A common citation format is "Indiana Code § 15-12-1-32" (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 § 15-12-1-32 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.