Indiana § 15-14-1-11 - Power to borrow; interest; mortgages; bond issue
Full text of Indiana Indiana Code § 15-14-1-11 — Power to borrow; interest; mortgages; bond issue, with citation guidance and answers to common questions.
§ 15-14-1-11. Power to borrow; interest; mortgages; bond issue
Sec. 11. (a) A corporation incorporated under this chapter may do the following:
(1) Borrow not more than two hundred thousand dollars ($200,000) at a rate of interest not to exceed six percent (6%) per annum.
(2) Mortgage its property to secure the repayment of the loan.
(3) Issue bonds for not more than two hundred thousand dollars ($200,000).
(b) Bonds issued under subsection (a) must:
(1) not exceed a duration of twenty (20) years;
(2) have interest bearing coupons affixed; and
(3) be secured by mortgage on the property of the corporation.
[Pre-2008 Recodification Citation: 15-1-2-11.]
As added by P.L.2-2008, SEC.5.
Source: official Indiana text · Last verified 2026-08-27
Frequently Asked Questions About Indiana § 15-14-1-11
What does Indiana Code § 15-14-1-11 cover?
Section 15-14-1-11 ("Power to borrow; interest; mortgages; bond issue") 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 § 15-14-1-11?
A common citation format is "Indiana Code § 15-14-1-11" (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 § 15-14-1-11 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.