Indiana § 28-15-12-1 - Mutual savings association; member entitled to one vote
Full text of Indiana Indiana Code § 28-15-12-1 — Mutual savings association; member entitled to one vote, with citation guidance and answers to common questions.
§ 28-15-12-1. Mutual savings association; member entitled to one vote
Sec. 1. (a) In a mutual savings association, each member is entitled at every members' meeting to cast one (1) vote for each:
(1) one hundred dollars ($100); or
(2) fraction of one hundred dollars ($100);
of the total amount paid in on all share or deposit accounts standing in the member's name on the books of the mutual savings association.
(b) Each borrowing member of a mutual savings association who is not a depositor or owner of a share account is entitled at a members' meeting to cast one (1) vote, if the articles of incorporation of the mutual savings association provide the borrowing member the right to vote.
(c) A member of a mutual savings association may not, except as proxy, cast more than fifty (50) votes at an election held by the mutual savings association.
As added by P.L.193-1997, SEC.2.
IC 28-15-13Chapter 13. Applicability of Corporate Governance Laws
28-15-13-1References to shareholders and shareholders' meetings
Source: official Indiana text · Last verified 2026-08-27
Frequently Asked Questions About Indiana § 28-15-12-1
What does Indiana Code § 28-15-12-1 cover?
Section 28-15-12-1 ("Mutual savings association; member entitled to one vote") 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 § 28-15-12-1?
A common citation format is "Indiana Code § 28-15-12-1" (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 § 28-15-12-1 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.