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 until
a meeting of the stockholders of each of the companies has been
called for that purpose as hereinbefore provided, and the holders of
at least two-thirds (2/3) of stock of each company in person or by
proxy, 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 such
sale and then, within ten (10) days thereafter, signifies, in writing, to
the purchasing company that he desires to dispose of his stock in the
selling company shall be entitled to receive from such purchasing
company the average market value of his stock for the six (6) months
next preceding the day of the meeting of the selling company at
which the sale is approved, on the surrender of his stock. If the
purchasing company and the stockholder can not agree as to the
value of the stock, the parties may submit the question to arbitration,
to be conducted in accordance with the provision of law regulating
arbitration, so far as applicable, by three (3) disinterested persons, to
be appointed upon the motion of either of the parties by the judge of
the circuit court of the county in which the owner of the stock
resides, or in case he is nonresident of the state or of any county
through or into which the road passes, then any county in which the
road so sold passes. (Formerly: Acts 1913, c.169, s.3.)
IC 8-4-21-3 Dissenting shareholders; arbitration of claims; deposit of award
with court
Sec. 3. If such stockholder refuses for a period of ten (10) days
after request therefor to submit the question to arbitration, then, upon
the application of a director of either the purchasing or selling
company, the proper judge shall appoint the arbitrators, who shall
proceed and ascertain the value of the stock as if the question had
been submitted by consent of both parties. If the party owning the
stock refuses to receive the amount awarded, the company may
deposit it with the clerk of the circuit court of the county in which
the arbitration is held, which deposit shall operate as if payment was
made to the owner of the stock. If the owner of the stock shall accept
the 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 this
chapter, the party desiring such arbitration shall give the opposite
party at least ten (10) days notice of his intention to apply to the
judge for the appointment of arbitrators, which notice shall be served
in the manner provided for the service of a summons, and must
specify the time and place of hearing of the application. In cases of
nonresidents, the notice shall be by publication for three (3)
consecutive weeks in some newspaper printed in the county where
the 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 valid
until 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.
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 until
a meeting of the stockholders of each of the companies has been
called for that purpose as hereinbefore provided, and the holders of
at least two-thirds (2/3) of stock of each company in person or by
proxy, 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 such
sale and then, within ten (10) days thereafter, signifies, in writing, to
the purchasing company that he desires to dispose of his stock in the
selling company shall be entitled to receive from such purchasing
company the average market value of his stock for the six (6) months
next preceding the day of the meeting of the selling company at
which the sale is approved, on the surrender of his stock. If the
purchasing company and the stockholder can not agree as to the
value of the stock, the parties may submit the question to arbitration,
to be conducted in accordance with the provision of law regulating
arbitration, so far as applicable, by three (3) disinterested persons, to
be appointed upon the motion of either of the parties by the judge of
the circuit court of the county in which the owner of the stock
resides, or in case he is nonresident of the state or of any county
through or into which the road passes, then any county in which the
road so sold passes. (Formerly: Acts 1913, c.169, s.3.)
IC 8-4-21-3 Dissenting shareholders; arbitration of claims; deposit of award
with court
Sec. 3. If such stockholder refuses for a period of ten (10) days
after request therefor to submit the question to arbitration, then, upon
the application of a director of either the purchasing or selling
company, the proper judge shall appoint the arbitrators, who shall
proceed and ascertain the value of the stock as if the question had
been submitted by consent of both parties. If the party owning the
stock refuses to receive the amount awarded, the company may
deposit it with the clerk of the circuit court of the county in which
the arbitration is held, which deposit shall operate as if payment was
made to the owner of the stock. If the owner of the stock shall accept
the 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 this
chapter, the party desiring such arbitration shall give the opposite
party at least ten (10) days notice of his intention to apply to the
judge for the appointment of arbitrators, which notice shall be served
in the manner provided for the service of a summons, and must
specify the time and place of hearing of the application. In cases of
nonresidents, the notice shall be by publication for three (3)
consecutive weeks in some newspaper printed in the county where
the 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 valid
until 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.
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 until
a meeting of the stockholders of each of the companies has been
called for that purpose as hereinbefore provided, and the holders of
at least two-thirds (2/3) of stock of each company in person or by
proxy, 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 such
sale and then, within ten (10) days thereafter, signifies, in writing, to
the purchasing company that he desires to dispose of his stock in the
selling company shall be entitled to receive from such purchasing
company the average market value of his stock for the six (6) months
next preceding the day of the meeting of the selling company at
which the sale is approved, on the surrender of his stock. If the
purchasing company and the stockholder can not agree as to the
value of the stock, the parties may submit the question to arbitration,
to be conducted in accordance with the provision of law regulating
arbitration, so far as applicable, by three (3) disinterested persons, to
be appointed upon the motion of either of the parties by the judge of
the circuit court of the county in which the owner of the stock
resides, or in case he is nonresident of the state or of any county
through or into which the road passes, then any county in which the
road so sold passes. (Formerly: Acts 1913, c.169, s.3.)
IC 8-4-21-3 Dissenting shareholders; arbitration of claims; deposit of award
with court
Sec. 3. If such stockholder refuses for a period of ten (10) days
after request therefor to submit the question to arbitration, then, upon
the application of a director of either the purchasing or selling
company, the proper judge shall appoint the arbitrators, who shall
proceed and ascertain the value of the stock as if the question had
been submitted by consent of both parties. If the party owning the
stock refuses to receive the amount awarded, the company may
deposit it with the clerk of the circuit court of the county in which
the arbitration is held, which deposit shall operate as if payment was
made to the owner of the stock. If the owner of the stock shall accept
the 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 this
chapter, the party desiring such arbitration shall give the opposite
party at least ten (10) days notice of his intention to apply to the
judge for the appointment of arbitrators, which notice shall be served
in the manner provided for the service of a summons, and must
specify the time and place of hearing of the application. In cases of
nonresidents, the notice shall be by publication for three (3)
consecutive weeks in some newspaper printed in the county where
the 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 valid
until 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.
