IC 15-14-5
    Chapter 5. Agricultural Societies, Associations, and Corporations

IC 15-14-5-1
Application of chapter
    Sec. 1. (a) This chapter applies to a society, an association, or acorporation:
        (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 forsimilar purposes.
    (b) This chapter does not apply to:
        (1) the state fair commission; or
        (2) the property owned by the commission.
As added by P.L.2-2008, SEC.5.

IC 15-14-5-2
Powers to borrow money, mortgage property, and issue bonds
    Sec. 2. A society, an association, or a corporation described insection 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 restrictionsother than those applying to corporations generally.
As added by P.L.2-2008, SEC.5.

IC 15-14-5-3
Authority to sell property, pay obligations, and distribute proceedsto shareholders
    Sec. 3. A society, an association, or a corporation described insection 1 of this chapter may:
        (1) upon authority granted by the votes of those holdingtwo-thirds (2/3) of the shares of stock:
            (A) sell; and
            (B) convey by deed all or any part of its grounds andproperty at any time; and
        (2) use the proceeds obtained from the sale in payment of itsobligations, or for other and usual corporate purposes, in thesame manner as corporations generally are authorized to do.
After payment of its obligations the society, association, orcorporation may distribute the proceeds among the shareholders.
As added by P.L.2-2008, SEC.5.

IC 15-14-5-4
Dissolution and liquidation
    Sec. 4. A society, an association, or a corporation described insection 1 of this chapter may:
        (1) dissolve; and
        (2) liquidate;the affairs of the society, association, or corporation in the samemanner as corporations generally are authorized to do.
As added by P.L.2-2008, SEC.5.