Ind. Code ch. 15-14-5

in effect

Ind. Code § 15-14-5-1 Application of chapter

Sec. 1. (a) This chapter applies to a society, an association, or a corporation: (1) organized: (A) for the improvement of agriculture; or (B) to conduct fairs or agricultural exhibits; or (2) owning or operating fairgrounds or other real estate for similar purposes. (b) This chapter does not apply to: (1) the state fair commission; or (2) the property owned by the commission. [Pre-2008 Recodification Citations: subsection (a) formerly 15-1-10-1 part; subsection (b) formerly 15-1-10-4.] As added by P.L.2-2008, SEC.5.

Ind. Code § 15-14-5-2 Powers to borrow money, mortgage property, and issue bonds

Sec. 2. A society, an association, or a corporation described in section 1 of this chapter, with authority of its board of directors, may: (1) borrow money; (2) mortgage its property; and (3) issue notes, bonds, and other obligations without restrictions other than those applying to corporations generally. [Pre-2008 Recodification Citation: 15-1-10-1 part.] As added by P.L.2-2008, SEC.5.

Ind. Code § 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.

Ind. Code § 15-14-5-4 Dissolution and liquidation

Sec. 4. A society, an association, or a corporation described in section 1 of this chapter may: (1) dissolve; and (2) liquidate; the affairs of the society, association, or corporation in the same manner as corporations generally are authorized to do. [Pre-2008 Recodification Citation: 15-1-10-3.] As added by P.L.2-2008, SEC.5.

Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://iga.in.gov/laws/2026/ic/titles/15Fetched: 10/17/2026