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222 chapters · 1,895 sections in this title.
Ind. Code § 23-1-28-1 Distributions
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Sec. 1. A board of directors may authorize and the corporation may make distributions to its shareholders subject to restriction by the articles of incorporation and the limitation in section 3 of this chapter. As added by P.L.149-1986, SEC.12.
Ind. Code § 23-1-28-2 Record date, declaration date, and payment date
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Sec. 2. The board of directors may fix a record date, declaration date, and payment date with respect to any share dividend or distribution to a corporation's shareholders. If the board of directors does not fix the record date for determining shareholders entitled to a distribut…
Ind. Code § 23-1-28-3 Prohibited distributions
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Sec. 3. A distribution may not be made if, after giving it effect: (1) the corporation would not be able to pay its debts as they become due in the usual course of business; or (2) the corporation's total assets would be less than the sum of its total liabilities plus (unless the…
Ind. Code § 23-1-28-4 Basis for determination that distribution not prohibited
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Sec. 4. The board of directors may base a determination that a distribution is not prohibited under section 3 of this chapter either on financial statements prepared on the basis of accounting practices and principles that are reasonable in the circumstances or on a fair valuatio…