Right of Corporation to Purchase Its Own Obligations; Cancellation Upon Purchase

1. Law
2. Indiana Code
3. Utilities and Transportation
4. Utilities Generally
5. Merger or Consolidation of Rural Electric Membership Corporations and Telephone Cooperative Corporations
6. Right of Corporation to Purchase Its Own Obligations; Cancellation Upon Purchase

Sec. 22. A surviving corporation or successor corporation formed under this chapter may, out of any funds available for that purpose, purchase:

(1) any obligations issued by the surviving corporation or successor corporation; and

(2) any accrued interest on the obligations;

at a price determined by resolution of the board. Any obligation described in this section shall be cancelled upon its purchase by the surviving corporation or successor corporation.

As added by P.L.18-2010, SEC.1.

Download our app to see the most-to-date content.