IC 23-1.3-3-5 : Plan of merger, consolidation, conversion, or share affecting status; minimum status vote

Sec. 5. (a) This section does not apply to a corporation that is a party to a merger if the shareholders of the corporation are not entitled to vote on the merger under IC 23-1-40.

(b) If a plan of merger, consolidation, conversion, or share exchange would have the effect of terminating the status of a corporation as a benefit corporation, the plan must be adopted by at least a minimum status vote in order to be effective.

As added by P.L.93-2015, SEC.3.