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Current as of January 02, 2024 | Updated by FindLaw Staff
Sec. 25. (a) The board of directors shall require a report to be presented to the board, at intervals determined by the board but not less often than semiannually, showing:
(1) the amount of indebtedness owed to the association by each director, officer, and employee at the close of the period; and
(2) the amount of stock, membership capital, or credits for the purchase of stock or membership capital shown on the books of the association as belonging to each director, officer, and employee.
The board of directors shall take action with respect to any individual indebtedness to the association that is larger than permitted by the bylaws as is best for the association in the sound discretion of the board.
(b) The board of directors shall require a record of attendance to be kept and the secretary of the board to make a report at the annual meeting of members detailing the directors' attendance up to and including the last directors' meeting before the annual meeting, indicating:
(1) the number of regular and special meetings of the board; and
(2) the number of regular and of special meetings attended by each member of the board designated by name.
Cite this article: FindLaw.com - Indiana Code Title 15. Agriculture and Animals § 15-12-1-25 - last updated January 02, 2024 | https://codes.findlaw.com/in/title-15-agriculture-and-animals/in-code-sect-15-12-1-25/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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