IC 8-4-21
    Chapter 21. Stockholder's Rights in Sale or Lease

IC 8-4-21-1
Consent of stockholders
    Sec. 1. No such sale and purchase or lease shall be perfected untila meeting of the stockholders of each of the companies has beencalled for that purpose as hereinbefore provided, and the holders ofat least two-thirds (2/3) of stock of each company in person or byproxy, at such meeting, assent thereto.
(Formerly: Acts 1913, c.169, s.2.)

IC 8-4-21-2
Dissenting shareholders; arbitration of claims
    Sec. 2. A stockholder who, at such meeting, votes against suchsale and then, within ten (10) days thereafter, signifies, in writing, tothe purchasing company that he desires to dispose of his stock in theselling company shall be entitled to receive from such purchasingcompany the average market value of his stock for the six (6) monthsnext preceding the day of the meeting of the selling company atwhich the sale is approved, on the surrender of his stock. If thepurchasing company and the stockholder can not agree as to thevalue of the stock, the parties may submit the question to arbitration,to be conducted in accordance with the provision of law regulatingarbitration, so far as applicable, by three (3) disinterested persons, tobe appointed upon the motion of either of the parties by the judge ofthe circuit court of the county in which the owner of the stockresides, or in case he is nonresident of the state or of any countythrough or into which the road passes, then any county in which theroad so sold passes.
(Formerly: Acts 1913, c.169, s.3.)

IC 8-4-21-3
Dissenting shareholders; arbitration of claims; deposit of awardwith court
    Sec. 3. If such stockholder refuses for a period of ten (10) daysafter request therefor to submit the question to arbitration, then, uponthe application of a director of either the purchasing or sellingcompany, the proper judge shall appoint the arbitrators, who shallproceed and ascertain the value of the stock as if the question hadbeen submitted by consent of both parties. If the party owning thestock refuses to receive the amount awarded, the company maydeposit it with the clerk of the circuit court of the county in whichthe arbitration is held, which deposit shall operate as if payment wasmade to the owner of the stock. If the owner of the stock shall acceptthe award of the arbitrators, he shall surrender his stock certificates.
(Formerly: Acts 1913, c.169, s.4.)

IC 8-4-21-4
Notice of intention to arbitrate    Sec. 4. In all cases of arbitration under sections 2 and 3 of thischapter, the party desiring such arbitration shall give the oppositeparty at least ten (10) days notice of his intention to apply to thejudge for the appointment of arbitrators, which notice shall be servedin the manner provided for the service of a summons, and mustspecify the time and place of hearing of the application. In cases ofnonresidents, the notice shall be by publication for three (3)consecutive weeks in some newspaper printed in the county wherethe application is made.
(Formerly: Acts 1913, c.169, s.5.) As amended by P.L.62-1984,SEC.73.

IC 8-4-21-5
Approval by department
    Sec. 5. A purchase or lease made under this chapter is not validuntil it is approved by the Indiana department of transportation.
(Formerly: Acts 1913, c.169, s.6.) As amended by P.L.384-1987(ss),SEC.48; P.L.18-1990, SEC.56.