Indiana § 15-14-5-3 - Authority to sell property, pay obligations, and distribute proceeds to shareholders
Full text of Indiana Indiana Code § 15-14-5-3 — Authority to sell property, pay obligations, and distribute proceeds to shareholders, with citation guidance and answers to common questions.
§ 15-14-5-3. Authority to sell property, pay obligations, and distribute proceeds to shareholders
Sec. 3. A society, an association, or a corporation described in section 1 of this chapter may:
(1) upon authority granted by the votes of those holding two-thirds (2/3) of the shares of stock:
(A) sell; and
(B) convey by deed all or any part of its grounds and property at any time; and
(2) use the proceeds obtained from the sale in payment of its obligations, or for other and usual corporate purposes, in the same manner as corporations generally are authorized to do.
After payment of its obligations the society, association, or corporation may distribute the proceeds among the shareholders.
[Pre-2008 Recodification Citation: 15-1-10-2.]
As added by P.L.2-2008, SEC.5.
Source: official Indiana text · Last verified 2026-08-27
Frequently Asked Questions About Indiana § 15-14-5-3
What does Indiana Code § 15-14-5-3 cover?
Section 15-14-5-3 ("Authority to sell property, pay obligations, and distribute proceeds to shareholders") 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 § 15-14-5-3?
A common citation format is "Indiana Code § 15-14-5-3" (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 § 15-14-5-3 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.